Sell-off in Airtel Africa’s stocks pushes local stock market lower by 0.2 per cent

The Nigerian equities market opened the week on the red zone, as a sell-down in Airtel Africa extended last week’s bearish trading and dragged the All-Share Index (ASI) lower by 0.1.9 per cent to 37,585.25 basis points.

Accordingly, ASI’s Month-to-Date and Year-to-Date losses of the Nigerian Exchange Limited (NGX) increased to -2.2 per cent and -6.7 per cent, respectively.

Also sell pressure on tickers such as Presco, Conoil, Zenith Bank, FBN Holdings and African Prudential as their share prices moderated by 1.84 per cent, 4.31 per cent, 0.63 per cent, 0.69 per cent and 2.42 per cent respectively.

Amid negative sentiments, the bears outnumbered the bulls at the close of the trading session with 18 against 13.

On the chart, BOC GAS and Royal Exchange recorded the most significant losses of the day after depreciating by 10.0 per cent and 7.9 per cent, while Ikeja Hotel and Fidson Healthcare topped the gainers’ list with 10.0 per cent and 7.9 per cent respective appreciation in share value.

However, performance was positive as three out of the five indices tracked closed in the green zone; the NGX Insurance, NGX Consumer Goods and the NGX Industrial indices increased by 0.22 per cent, 0.01 per cent and 0.07 per cent respectively.

On the flip side, the NGX Banking and the NGX Oil/Gas indices fell by 0.02 per cent and 0.35 per cent respectively.
Meanwhile, trading activity was mixed as total deals and volume of stock traded fell by 1.87 per cent and 19.34 per cent to 3,562 deals and 0.16 billion units respectively; however, the value of stocks traded rose by 42.69 per cent to N3.4 billion.

Meanwhile, Nigerian Exchange Limited has announced the rebranding of all its existing indices by changing the prefix from NSE to NGX.

The transition, which was effective Monday, 28 June 2021, leverages on the new brand identity of the Exchange.

There are currently 19 indices, either wholly-owned or co-branded, on NGX, servicing the investment management community along the lines of product development, benchmarking. Below are the changes to the indices nomenclature:

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

FACT CHECK: Did UNICEF Say Blocking Children’s Access To Pornography Constitutes Human Rights’ Infringement?

CLAIM 1: A Twitter user claims UNICEF said any efforts to block children from accessing pornography might infringe their human rights.Sell-off in Airtel Africa’s stocks pushes local stock market lower by 0.2 per cent

Sell-off in Airtel Africa’s stocks pushes local stock market lower by 0.2 per cent