NGX gains N247bn on buying interest in Airtel Africa

The Nigerian Exchange (NGX) sustained bullish momentum on Tuesday with the market capitalisation crossing the N21 trillion mark.

Specifically, the market capitalisation which opened at N20.969 trillion rose by N247 billion to close at N21.216 trillion.

Cordros Research attributed the growth to foreign investors interest in Airtel Africa following its share buy-back plan buoyed the impressive performance.

Also, the All-Share Index inched higher by 473.61 points or 1.18 per cent to close at 40,716.66 from 40,243.05 achieved on Monday.

Consequently, the month-to-date and year-to-date returns increased to 1.2 per cent and 1.1 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Julius Berger, FBN Holdings (FBNH), Zenith Bank and Guaranty Trust Holding Company (GTCO).

Analysts at Afrinvest Limited said: “In the next trading session, we anticipate a sustained positive performance on the back of bargain hunting activities.”

Consequently, the market breadth closed positive with 32 gainers as against 18 losers.

FBNH dominated the gainers’ chart in percentage terms by 9.76 per cent to close at N9 per share.

Pharma Deko followed with 9.69 per cent to close at N2.83, while Courteville Business Solutions appreciated by 7.89 per cent to close at 41k per share.

Learn Africa went up by 7.64 per cent to close at N1.55, while Jaiz Bank appreciated by 7.02 per cent to close at 61k per share.

On the other hand, University Press led the losers’ chart in percentage terms by 9.63 per cent to close at N1.22 per share.

Regency Alliance Insurance followed with a decline of 8.89 per cent, to close at 41k, while International Breweries declined by 6.25 per cent to close at N4.50 per share.

PZ Cussons shed 5.22 per cent to close at N5.45, while Consolidated Hallmark Insurance depreciated by 4.84 per cent to close at 59k per share.

Transactions in the shares of Universal Insurance topped the activity chart with 105.11 million shares valued at N21.23 million.

FBNH followed with 46.31 million shares worth N411.16 million, while Access Bank traded 30.69 million shares valued at N286.68 million.

GTCO traded 25.66 million shares valued at N721.39 million, while Courteville Business Solutions transacted 22.39 million shares worth N9.18 million.

In all, a total of 432.99 million shares worth N3.13 billion was exchanged by investors in 4,377 deals, an increase of 113.97 per cent.

This was in contrast with 202.36 million shares valued at N1.86 billion traded in 4,066 deals on Monday.