Airtel, Nestle, WAPCO Reverse Losses As Investors Swoop On Sterling Bank
Nigerian equities, on Tuesday, bounced back from the previous day’s losses driven by gains in high-cap stocks of Airtel Africa (+3.2%), Nestle (+1.9%), and WAPCO (+1.6%), lifting benchmark All Share Index by 0.7 percent to 52,701.31 points, the highest point since June 15, 2022.
Thus, the market Year-to-Date return increased to +2.8 percent up from 2.1 percent while market capitalisation gained ₦192.0bn to ₦28.7 trillion.
In a similar vein, market activity level improved as volume traded climbed 3 percent to 228.5 million units on the back of a buying spree targeting Sterling Bank shares (76.738 million units) while value traded jumped 36.7 percent to ₦4.4 billion with Geregu (₦1.426 billion), Airtel (₦1.142 billion), and GTCO (₦401.981 million) emerging as top traded value.
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Sectoral performance indices showed that Consumer Goods (+0.5%), Banking (+0.2%), Oil & Gas (+0.2%), and Industrial Goods (+0.1%) indices advanced, while the Insurance (-0.1) index was the sole loser of the day.
A total of 21 stocks recorded price gains while 15 traded at loss. UPDCREIT (+10.0%) and MRS (+9.9%) topped the gainers’ list, while UPDC (-6.9%) and GEREGU (-6.7%) recorded the highest losses of the day.
The previous day, sell pressure on ZENITH (-3.7%), WAPCO (-3.6%), and ETI (-5.8%) had dragged the Index lower by 0.3 percent to 52,348.82 points and weakened year-to-date return to 2.1 percent while market capitalisation fell by ₦89.1 billion to ₦28.5 trillion.
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