Airtel, Stanbic IBTC, Transcorp Lift Equities To ₦126.38bn Gain
Buying interest in the shares of Airtel Africa, Stanbic IBTC, and Transcorp lifted Nigerian equities out of the previous day’s bearish close, and to a modest gain of about ₦126.38 billion in market capitalization to close at ₦30.51 trillion on Tuesday.
Benchmark All-Share Index increased by 0.4 percent to close at 56,038.85 points driven by a +2 percent gain in the shares of heavyweight Airtel Africa, a +5.5 percent gain in the shares of Stanbic IBTC and an +8.7 percent gain in the shares of Transcorp.
The gains in these stocks offset the losses recorded by the heavily traded banking stocks of UBA, ACCESSCORP, GTCO, and Zenith Bank. As a result, the Month-to-Date and Year-to-Date returns increased to +0.5 percent and +9.3 percent, respectively.
Airtel gained 2 percent to close at N1.198 per share with 1.484 million units valued at N1.757 billion exchanged in 102 deals. Zenith Bank (+0.18%), and Stanbic IBTC (+5.45%) contributed to outweigh losses in GTCO (-0.89%), ACCESSCORP (-0.40%), and FBNH (-0.37%), keeping the market in the green.
Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 70.64 percent.
A total of 322.49m shares valued at ₦5.82bn were exchanged in 6,165 deals. UBA (-1.06%) was the most traded stock by volume at 47.13 million units, while Airtel Africa (+1.96%) was the most traded stock by value at N1.76 billion.
Market breadth closed positive at a 1.38-to-1 ratio with advancing issues outnumbering declining ones.
Etranzact gained a maximum of +10 percent to top the 21 others on the gainers’ table followed by Eterna Oil (+9.85%), while John Holt depreciated by -9.9 percent to top 15 other losers on the loser’s table followed by Multiverse (-9.5%).
Sectoral analysis showed that the Oil & Gas (+1.0%), Insurance (+0.6%), and Consumer Goods (+0.2%) indices posted gains, while the Industrial Goods index remained unchanged. The Banking (-0.1%) index was the sole loser of the day.
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