Demands for Airtel Africa stocks push market further by 1.3 per cent

On Wednesday, the local stock market further appreciated by 1.29 per cent as foreign investors’ increased demand for Airtel Africa stocks.

At the Nigerian Exchange Limited (NGX), the domestic bourse sustained its positive momentum from the previous day’s session, as the All-Share index advanced by 1.29 per cent to settle at 46,529.99 basis points.

Consequently, the Year-to-Date return increased to +8.9 per cent.

As measured by market breadth, market sentiment was positive as 19 tickers gained relative to 17 losers.

Airtel Africa notched 10 per cent gain to lead the best five performing stocks in the session

Also, buying interest in stocks such as EcoBank Transnational Incorporated, Courtville, Honeywell Flour Mills, Julius Berger, United Capital and FCMB Holdings which lead to 9.55 per cent, 9,09 per cent, 3.03 per cent, 2.63 per cent, 2.33 per cent and 1.33 per cent increase in their respective share prices.
Performance across sub-indices was however negative except for the NGX Banking Index which rose by 1.32 per cent.

The NGX Insurance, NGX Consumer Goods Index, NGX Oil/ Gas Index and the NGX Industrial Index fell by 0.63 per cent, 0.39 per cent, 0.59 per cent and 0.89 per cent respectively.

The total volume traded increased by 32.8 per cent to 329.00 million units, valued at N4.82 billion, and exchanged in 4,219 deals.

MULTIVERSE was the most traded stock by volume at 57.60 million units, while MTN Nigeria was the most traded stock by value at N995.27 million.

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Demands for Airtel Africa stocks push market further by 1.3 per cent