Airtel Shoots NSE Market Capitalisation to N14.288trn

By Dipo Olowookere

The market capitalisation of the Nigerian Stock Exchange (NSE) was jerked up by N1.38 trillion or 10.68 percent on Tuesday to N14.288 trillion as a result of the listing of 3.758 billion ordinary shares of the company.

The exercise saw the stock market extending its gains on Monday by 0.10 percent to reduce the year-to-date loss to 6.72 percent.

At the close of transactions, the All-Share Index (ASI) appreciated by 30.98 points to settle at 29,318.85 points.

Despite closing in the green territory yesterday, the number of price gainers were lower than the price losers. A total of eight counters finish positive as against 20 stocks that ended in red, indicating that the market was still fragile.

Nigerian Breweries was the day’s highest price gainer, appreciating by 50 kobo to close at N60.50k per unit, with Cadbury Nigeria following with 50 kobo also added to its share price to end at N11.95k per share.

Dangote Flour gained 30 kobo to finish at N17.40k, CCNN increased by 10 kobo to settle at N15.35k, while Stanbic IBTC appreciated by 5 kobo to close at N40.30k.

Conversely, Dangote Cement was the day’s worst performing stock, losing N2.30k of its share value to finish at N174.70k.

Conoil went down by N1.65k to finish at N22.15k, Forte Oil lost N1.30k to close at N23, Dangote Sugar declined by 95 kobo to end at N10.55k, while Ecobank lost 90 kobo to close at N9.50k.

A look at the performance of the market at the sector level showed that the banking index suffered the highest loss on Tuesday with a decline of 2.20 percent.

The oil and gas followed with 0.67 percent drop, industrial index went down by 0.48 percent, insurance index depreciated by 0.45 percent while consumer goods index fell by 0.40 percent.

Business Post reports that the volume of transactions yesterday improved by 36.22 percent to 294.6 million from 216.3 million, while the value increased by 41.77 percent to N3.2 billion from N2.3 billion.

Dominating the activity chart on Tuesday was Cornerstone Insurance, which traded a total of 80.1 million shares worth N16 million.

Zenith Bank followed with a turnover of 48.5 million equities worth N922.8 million, while GTBank sold 29.8 million shares for N840.9 million.

Transcorp transacted 17.6 million shares worth N18.1 million, while FBN Holdings traded 16.9 million equities for N104.6 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

more recommended stories

%d bloggers like this: