Trading Commence on Positive Note as Airtel Africa, Total Nigeria, 25 Others Soar

Trading Commence on Positive Note as Airtel Africa, Total Nigeria, 25 Others Soar

Darasimi Adebisi

Transactions on the stock market of the Nigerian Exchange Limited (NGX) yesterday commenced on a positive note as large and medium capitalised stocks appreciated.

The market positive performance was driven by price appreciation in Airtel Africa Pl, Total Nigeria Plc, Unilever Nigeria Plc, PZ Cussons Nigeria Plc, and Guinness Nigeria Plc.

The NGX All-Share Index (ASI) grew by 51.48 basis points, representing a rise of 0.12 per cent, to close at 41,814.74 basis points from 41,763.26 basis points it opened for the week.

Similarly, the overall market capitalisation value gained N27 billion to close at N21.821 trillion from N21.79 trillion it closed last week.

Furthermore, the market breadth closed positive, recording 28 gainers against 20 losers. PZ Cussons Nigeria recorded the highest price gain of 9.32 per cent to close at N6.45, per share.

Mutual Benefits Assurance followed with a gain of 7.14 per cent to close at 30 kobo and Unilever Nigeria went up 6.90 per cent to close at N15.50, per share.

AXA Mansard Insurance up by 6.49 per cent to close at N2.46, while Cutix appreciated by 5.79 per cent to close at N6.40, per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 9.47 per cent to close at 86 kobo, per share. Prestige Assurance followed with a decline of 8.55 per cent to close at 43 kobo, while Regency Alliance Insurance declined by 7.32 per cent to close at 38 kobo, per share.

CI Leasing declined by 6.38 per cent to close at N4.40, while Nigerian Exchange Group (NGXGroup) shed 6.36 per cent to close at N20.60, per share.

Also, the total volume of trades rose by 32.21 per cent to 674.499 million units, valued at N7.592 billion, and exchanged in 5,432 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 350.542 million shares valued at N4.346 billion.

Ecobank Transnational Incorporated (ETI) followed with 45.643 million shares worth N347.799 million, while Universal Insurance traded 33.915 million shares valued at N6.783 million.

Transnational Corporation of Nigeria (Transcorp) traded 32.577 million shares valued at N33.205 million, while Guaranty Trust Holding Company (GTCO) transacted 21.476 million shares worth N614.370 million.

Analysts at United Capital Plc expressed that the third quarter (Q3), 2021 earnings season to pick up pace.

They added that: “We remain upbeat about market performance and investor sentiment as we expect market participants to continue cherry-picking fundamentally sound stocks, while also positioning for full year, 2021 dividends.”

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