Business

Airtel, Royal Exchange top N310bn market gain

The equities market closed yesterday on a positive note, to commence the weekly trading activities on the upswing after it closed last Friday in red.

 

The market performance indices, NSE ASI, appreciated by 1.73 per cent with market breathe closing positive with 26 gainers as against 14 losers.

 

The upswing, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks following renewed appetite in anticipation of share appreciation.

 

Consequently, the All-Share Index grew by 592.7 basis points or 1.73 per cent from 34,250.74 index points last Friday to 34,843.44 while market capitalisation of equities appreciated by N310 billion to close at N18.211 trillion from N17.901 trillion.

On the activity chart, the premium sub-sector dominated in volume terms with 67.60 million shares exchanged in 1,499 deals. The sub-sector was enhanced by activities in shares of Access Bank Plc and Zenith Bank Plc.

 

The banking sub-sector boosted by activities in shares of GTB Plc and Jaiz Bank Plc followed with 46.59 million units traded in 756 deals.

 

In all, investors exchanged a total of 208.09 million shares exchanged in 4,155 deals.

 

Further analysis of the day’s trading showed that Airtel Africa Plc led the gainers by 10 per cent to at N704.00 per share while Royal Exchange Plc followed with 9.52 per cent to close at 23 kobo per share and AIICO Insurance Plc with a gain of 9.09 per cent to close at N1.15 per share.

 

On the flip side, Prestige Assurance Plc led the losers’ chart by 10 per cent to close at 45 kobo per share. International Breweries Plc followed by 9.89 per cent to close at N6.47 per share while Cutix Plc dropped by 9.47 per cent to close at N1.72 per share.

 

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