Stocks on NGX gain N112bn, canceling previous losses

Wednesday, 17 November 2021 06:02

Stocks on NGX gain N112bn, canceling previous losses

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Nigerian stocks were 0.52 per cent or N111.6 billion higher on Tuesday in an advance that helped the bourse cancel the loss recorded at the previous trading session.

The rebound rested on the performance of telco giant Airtel Africa, which gained 4.39 per cent or N38.30, following its announcement that Mastercard, TPG (a US private equity firm) and Qatar Investment Authority have ploughed additional investments worth $125 million in total into its mobile money unit as minority shareholders.

Airtel’s mobile money business on the continent is estimated at $2.65 billion, according to a valuation released in March.

Market breadth, which measures investors’ sentiment towards trade, was negative as 19 losers emerged compared to 16 gainers.

“This week, we expect the NGX to trade sideways in the absence of bullish triggers,” analysts at brokerage firm United Capital said in a note seen by PREMIUM TIMES.

The all-share index rose 225.48 points to 43,455.82, while market capitalisation climbed to N22.7 trillion.

The index has seen a 7.91 per cent jump so far this year.

TOP FIVE GAINERS

Cutix led gainers, appreciating by 8.33 per cent to N3.25. Cornerstone Insurance added 7.69 per cent to close at N0.56. UPL went up by 4.55 per cent to N2.30.

Prestige Assurance rose to N0.47, notching up 4.44 per cent in the process. Airtel Africa completed the top 5, climbing up by 4.39 per cent to N9.10.

TOP FIVE LOSERS

Total topped the losers’ chart, declining by 9.97 per cent to close at N216.80. Mutual Benefits shed 6.90 per cent to end trade at N0.27.

Linkage Assurance fell to N0.53, losing 5.36 per cent in the process. Linkage Assurance slumped to N2.20, recording 4.35 per cent depreciation. Chams closed at N0.22, going down by 4.35 per cent.

TOP FIVE TRADES

A total 402.7 million shares estimated at N11.2 billion were traded in 4,074 deals.

FBN Holdings was the most active stock with 223.6 million units of its shares worth N2.8 billion traded in 379 deals. Sterling Bank transacted 32.5 million shares priced at N48.7 million in 27 transactions.

Transcorp had 24.7 million shares valued at N564.2 million traded in 127 deals. GTCO traded 12.116 million shares estimated at N2.553 million in 456 transactions. Jaiz traded 15.9 million shares valued at N10.3 million in 33 deals.