Losses in Airtel Africa dips equities market by 0.9%

Trading in the domestic equities market kicked off the week on a negative note as profit-taking activities in Airtel Africa caused a 0.9 per cent decline in the benchmark index.

Thus, at the end of trading activities on Monday, the All-Share Index (ASI) closed at 98,703.68 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns moderated to +0.5 percent and +32.0 percent, respectively.

Meanwhile, equities Investors lost N499.71 billion after a bearish trade that left the market capitalization at N55.82 trillion.

As measured by market breadth, market sentiment was positive as 37 tickers gained relative to 18 losers.

On the performance board, Guinea Insurance and Cornerstone Insurance recorded the most significant gains of the day having appreciated in share vale by 10 per cent respectively, while Airtel Africa and Berger Moreover, there was a healthy dose of optimism across the sub-sectors, with the Banking, Insurance, Consumer, and Industrial Goods indices rising by 2.56 per cent, 2.03 per cent, 0.58 per cent, and 0.25 per cent, respectively. The Oil/Gas sector remained unchanged. Paints topped the losers’ list after their respective share prices dipped by 10.0 per cent and 9.9 per cent.

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Moreover, there was a healthy dose of optimism across the sub-sectors, with the Banking, Insurance, Consumer, and Industrial Goods indices rising by 2.56 per cent, 2.03 per cent, 0.58 per cent, and 0.25 per cent, respectively. The Oil/Gas sector remained unchanged.

Despite the decline in the benchmark index, trading activity levels showed improvement, as further reflected in the number of gainers compared to the losers on the Exchange.

Total deals and value advanced by 14.27 per cent and 26.10 per cent to 10,624 trades and N8.95 billion, respectively. Nonetheless, the total traded volume experienced a steep decline of 5.56 per cent to 421.73 million units.

As the session concluded, Access Holdings took the spotlight as the most actively traded stock in terms of volume and value, with 98.24 million units, worth N1.76 billion, changing hands in 1,209 deals.

NIGERIAN TRIBUNE