NGX: Investors’ net worth appreciates by N417bn on Airtel Africa rally

The capitalisation of the Nigerian bourse grew further by N417 billion on Wednesday as investors took position in Airtel Africa’s stock.

Specifically, the market capitalisation, which opened at N24.059 trillion rose by N417 billion or 1.73 per cent to close at N24.476 trillion.

Also, the All-Share Index grew by 774.25 points or 1.73 per cent to close at 45,430.14 from 44,655.89 posted on Tuesday.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are: Airtel Africa, Seplat Energy, Union Bank of Nigeria, Zenith Bank and Nem Insurance.

However, the market closed negative with 17 laggards in contrast with 16 gainers.

Airtel Africa topped the gainers’ chart in percentage terms by 10 per cent to close at N1,155.50 per share.

Cornerstone Insurance followed with six per cent to close at 53k, while Courteville Business Solutions up by 5.26 per cent to close at 40k per share.

UBN rose by 4.46 per cent to close at N5.85, while Seplat Energy appreciated by 4.36 per cent to close at N720.10 per share.

On the other hand, FTN Cocoa processors led the losers’ chart in percentage terms by 7.69 per cent to close at 36k per share.

Consolidated Hallmark Insurance followed with 7.25 per cent to close at 64k, while Regency Alliance Insurance declined by 6.67 per cent to close at 42k per share.

Japaul Gold and Ventures lost 4.76 per cent to close at 40k, while Jaiz Bank depreciated by 4.55 per cent to close at 63k per share.

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 25.46 million shares valued at N649.36 million.

Dangote Cement followed with 24.453 million shares worth N6.481 billion, while FBN Holdings traded 23.09 million shares valued at N277.15 million.

Fidelity Bank traded 21.14 million shares valued at N57.16 million, while FCMB Group transacted 12.93 million shares worth N38.79 million.

In all, the total volume of trades increased by 7.5 per cent to 252.94 million units valued at N8.93 billion exchanged in 4,218 deals.

This was against a total of 235.23 million shares worth N1.92 billion traded in 4,151 deals on Tuesday.