NGX: Airtel Africa, MTN Nigeria stocks float market to positive close

The domestic bourse traded positively on Tuesday, driven by foreign investors’ interest in Airtel Africa and MTN Nigeria stocks.

Basically, Airtel Africa share price added 5.7 per cent, while MTN Nigeria shares increased by 1.8 per cent.

Consequently, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) edged up by 0.8 per cent to close at 38,917.99 basis points.

Accordingly, the Month-to-Date gain increased to +1.0 per cent, while the Year-to-Date loss moderated to -3.7 per cent.
At the end of the trading session on Tuesday, the market capitalisation settled at N20.28 trillion, after investors earned N163.2 billion.

However, the positive overall performance was not reflected on the market breadth, as market sentiment was negative with 22 stocks depreciating, relative to 15 gainers.

On the chart, FTN Cocoa and Honeywell Flourmills topped the losers’ list having depreciated in share value by 8.2 per cent and 7.8 per cent respectively, while Wema Bank and Airtel Africa recorded the most significant gains of the day with 6.0 per cent and 5.7 per cent appreciation in their respective share value.

Also, sectoral performance was broadly negative following declines in the Insurance, Banking, Consumer Goods and Oil and Gas indices by respective 1.0 per cent, 0.8 per cent, 0.3 per cent and 0.2 per cent; and the flat performance of the Industrial Goods index.

Activities at the local bourse were tepid following the previous day’s stance. On Tuesday, the total volume of trades decreased by 5.3 per cent to 231.45 million units, valued at N2.13 billion, and exchanged in 4,651 deals.

Transnational Corporations was the most traded stock by volume at 17.48 million units, while MTN Nigeria was the most traded stock by value at NGN376.82 million.

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