NGX: Telcos stocks push market to 1-year high

Investors’ significant buying activities in bellwether stocks of the telecommunication company listed on the Nigerian Exchange Limited (NGX) drove the highest single-day gain since November 12, 2020.

Specifically, the All-Share Index (ASI) of the local bourse appreciated by 2.9 per cent to 43,246.87 basis points, driven by gains from MTN Nigeria and Airtel Africa stocks as the appreciated by 9.2 per cent and 10.0 per cent respectively.

Accordingly, Month-to-Date and Year-to-Date gains increased to +2.9 per cent and +7.4 per cent respectively.

Despite the strong bullish performance witnessed in the equities market, the number of losers (26) still surpassed that of the gainers (18).

On the performance chart, Conoil and CWG topped the losers’ list having depreciated in value by 9.8 per cent and 9.7 per cent respectively, while Airtel Africa and Redstart Express recorded the most significant gains of the day having made 10.0 per cent and 9.9 per cent appreciation in their respective share value.

Reflective of a skewed positive sentiment towards telecoms and FMCG stocks, only two-three (out of the five) sub-sector gauges tracked closed in green.


Specifically, the NSE Consumer Goods and the NSE Industrial indices increased by 0.25 per cent and 013 per cent respectively.

On the flip side, the NSE Banking, NSE Insurance and the NSE Oil/Gas indexes moderated by 0.09 per cent, 1.43 per cent and 0.57 per cent respectively.

The total volume of trades increased by 57.1 per cent to 453.25 million units, valued at N5.01 billion, and exchanged in 5,140 deals.

Sterling Bank was the most traded stock by volume at 81.23 million units, while Zenith Bank was the most traded stock by value at N797.35 million.

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NGX: Telcos stocks push market to 1-year high

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