Dipo Olowookere
By Dipo Olowookere
The selling pressure that came on Airtel Africa on Monday continued on Tuesday, resulting in the company’s shares going down by 10 percent or N31.50k to settle at N283.50k per unit, emerging as the heaviest price loser.
Business Post reports that the price was the lowest Airtel Africa has reached since its listing on the Nigerian Stock Exchange (NSE) in July 2019, when it joined the market at N363 per ordinary share on the main board.
Flour Mills followed Airtel Africa on the losers’ chart yesterday with a price depreciation of 50 kobo to finish at N13 per share, while NCR Nigeria went down by 45 kobo to end at N4.50k each.
Custodian Investment declined by 30 kobo to close at N6 per unit, while Zenith Bank also depreciated by 30 kobo to settle at N18.80k per share.
At the other side, Stanbic IBTC emerged as the day’s biggest price gainer, appreciating by N2.35k to finish at N37.50k per unit, while Okomu Oil followed with a gain of N2.05k to close at N54.95k per share.
PZ Cussons improved its share price by 55 kobo to finish at N6.45k per share, CCNN rose by 45 kobo to settle at N16.60k per unit, while NASCON chalked up 40 kobo to trade at N13.40k per share.
It was observed that the selloffs on some stocks at the market on Tuesday resulted in the All-Share Index (ASI) going down by 0.61 percent or 167.28 points to close at 27,407.04 points, while the market capitalization reduced by N81 billion to close at N13.342 trillion.
In terms of the level of activity yesterday, the volume of transactions decreased by 26.99 percent to 198.0 million from 271.2 million, while the value went down by 0.25 percent to N2.90 billion from N2.91 billion.
A further breakdown showed that Access Bank emerged as the most active stock, closing with a total turnover of 57.8 million units of its shares sold for N434.2 million.
Zenith Bank traded 20.0 million equities worth N382.2 million, Sterling Bank exchanged 10.4 million shares for N23.5 million, FBN Holding also transacted 10.4 million equities valued at N55.9 million, while UBA traded 9.3 million stocks worth N59.8 million.
At the close of transactions on Tuesday, financial services sector led the activity chart with 148.0 million shares traded for N1.3 billion, while the conglomerates industry followed with 10.9 million units worth N22 million,
