Airtel, 16 Others Drag NSE Index to Red Zone

By Dipo Olowookere

Newly listed Airtel Africa Plc suffered its first loss on the floor of the Nigerian Stock Exchange (NSE) 24 hours after its admittance into the nation’s stock market.

The telco topped the losers’ chart on Wednesday, which had 16 others, after going down by N39.90k or 9.99 percent to settle N359.40k per share. The firm had listed its shares on the NSE via cross border secondary listing on Tuesday at N363 per unit.

Others on the log were Forte Oil, which lost N2.30k to finish at N20.70k per share, Conoil, which fell by N2.20k to close at N19.95k per unit, Dangote Cement, which depreciated by N1.20k to end at N173.50k per share, and NAHCO, which declined by 29 kobo to settle at N2.66k per unit.

Unlike its industry rival, MTN Nigeria dominated the gainers’ table yesterday, closing N3.95k higher to finish at N133 per share at the close of business.

GTBank added N1.05k to its share value to finish at N29.05k per share, Unilever Nigeria grew by N1 to end at N33 per unit, Union Bank appreciated by 65 kobo to settle at N7.50k per share, while Ecobank appreciated by 40 kobo to settle at N9.90k per share.

Business Post reports that at the close of activities on Wednesday, the stock market depreciated by 0.21 percent, expanding the year-to-date loss to 6.92 percent.

This followed the 62.25 points lost by the All-Share Index (ASI) to settle at 29,256.60 points and the N30.3 billion reduction in the market capitalisation, which closed at N14.258 trillion against N14.289 trillion of the previous day.

At yesterday’s trading session, the volume of shares transacted depleted by 35.93 percent to 188.8 million from 294.6 million, while the value increased by 15.51 percent to N3.7 billion from N3.2 billion.

Zenith Bank was the most active stock at the market during the midweek trading day, accounting for 45.1 million stocks sold for N866.5 million.

Morison Industries traded 21 million units worth N11.6 million, FBN Holdings transacted 19.5 million equities for N119.8 million, GTBank exchanged 14.2 million shares valued at N404.5 million and Transcorp traded 11.5 million equities for N11.7 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

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