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NGX extends growth by 1.05% on Airtel Africa gain

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The Nigerian equities market continued trading with positive sentiments on Wednesday with a growth of 1.05 per cent due to gains posted by Airtel Africa and 20 others.

Thus, the All-Share Index advanced by 1.05 per cent to close at 43,476.75 from 43,026.23 posted on Tuesday.

Accordingly, the year-to-date return rose to 1.8 per cent.

Also, the market capitalisation which opened at N23.183 trillion inched higher by N243 billion or 1.05 per cent to close at N23.426 trillion.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Airtel Africa, Seplat Energy, Ardova, Nigerian Exchange Group (NGXGroup) and Oando.

Analysts at Afrinvest Ltd. said, “In the next trading session, we expect the market to sustain this positive momentum as investors cherry-pick on stocks with attractive valuation.”

Market sentiment was positive with 21 gainers relative to 17 losers.

Airtel Africa drove the gainers’ chart in percentage terms by 10 per cent to close at N1,050.50 per share.

Oando followed with 9.73 per cent to close at N4.85, while AIICO Insurance rose by 8.33 per cent to close at 78k per share.

Ardova went up by 7.69 per cent to close at N12.60, while Caverton Offshore Support Group appreciated by 6.25 per cent to close at N1.70 per share.

On the other hand, Unity Bank led the losers’ chart in percentage terms by 9.62 per cent, to close at 47k per share.

Royal Exchange followed with 9.41 per cent to close at 77k , while Regency Alliance Insurance lost 8.16 per cent to close at 45k per share.

Union Bank of Nigeria dipped 6.90 per cent to close at N5.40, while Mutual Benefits Assurance shed 6.25 per cent to close at 30k per share.

Similarly, the total volume of trades increased by 472.8 per cent with an exchange of 1.24 billion units valued at N42.97 billion exchanged in 4,032 deals.

This was against a turnover of 216.65 million shares worth N1.52 billion achieved in 4,080 deals on Tuesday.

Transactions in the shares of BUA Foods topped the activity chart with 1.01 billion shares valued at N40.53 million.

Wema Bank followed with 25.02 million shares worth N19.01 million, while Transcorp traded 24.96 million shares valued at N24.62 million.

NGX Group traded 14.54 million shares valued at N285.75 million, while United Bank for Africa transacted 13.95 million shares worth N112.24 million.

Chinyere Joel-nwokeoma

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