Airtel Africa, Others Revive Local Bourse by 0.84% Despite Bearish Sentiment

May 17, 2024
local bourse bear market

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited ended in the green territory on Thursday after it gained 0.84 per cent, thanks to Airtel Africa and some insurance equities.

However, investor sentiment at the local bourse remained weak as a result of sustained profit-taking in the banking and consumer goods sectors.

Data showed that the insurance index was the sole gainer of the sectors during the session, as it rose by 0.51 per cent when trading activities ended at 2:30 pm.

Business Post reports that the banking counter depreciated by 3.04 per cent, the energy counter fell by 0.36 per cent, and the consumer goods index declined by 0.06 per cent, while the industrial goods sector closed flat.

At the close of transactions, the All-Share Index (ASI) increased by 813.29 points to 98,156.71 points from 97,343.42 points, and the market capitalisation gained 0.85 per cent or N467 billion to settle at N55.525 trillion compared with the previous day’s N55.058 trillion.

The market breadth index of the NGX was negative yesterday after it recorded 24 depreciating equities and 15 appreciating equities.

Royal Exchange and Guinea Insurance were on top of the gainers’ chart on Thursday after chalking up 10.00 per cent each to sell for 55 Kobo and 33 Kobo apiece. Airtel Africa grew by 8.97 per cent to N2,150.00, International Energy Insurance improved by 7.84 per cent to N1.65, and Prestige Assurance advanced by 5.88 per cent to 54 Kobo.

On the flip side, Eterna stayed on top of the losers’ table after it went down by 9.89 per cent to N12.30, FCMB lost 8.28 per cent to quote at N6.65, Omatek slumped by 6.94 per cent to 67 Kobo, Unity Bank shrank by 5.88 per cent to N1.60, and FBN Holdings contracted by 5.36 per cent to N22.95.

Customs Street was busy yesterday on renewed confidence of traders in the domestic equity market, with the trading volume and value rising by 15.24 per cent and 25.35 per cent, respectively, while the number of deals decreased by 0.50 per cent.

A total of 409.8 million shares valued at N8.9 billion exchanged hands in 7,296 deals on Thursday versus the 355.6 million shares worth N7.1 billion transacted in 7,333 deals on Wednesday.

Custodian Investment led the activity chart with a turnover of 115.6 million stocks valued at N1.4 billion, Nigerian Breweries traded 83.8 million equities worth N1.9 billion, UBA transacted 26.1 million shares for N560.5 million, Access Holdings exchanged 24.2 million shares for N409.8 million, and GTCO sold 22.9 million stocks valued at N946.9 million.

Dipo Olowookere

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 [email protected]

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