Gain at Airtel Africa, others boost stock market by 355 billion naira – THISDAYLIVE

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Kayode Tokede

Despite the shortened trading week due to two-day public holidays, the Nigerian Exchange Limited (NGX) stock market broke its streak of investor profit taking as Airtel Africa Plc added 10% or 173, N20 to close at N1905.40 per share.

With a gain of around N650.9 billion in Airtel Africa’s market capitalization, the overall market capitalization added N355 billion to close at N28.185 trillion, the market opened on Wednesday from N27.803 trillion. naira, it closed on Friday.

The decline in Dangote Cement Plc, Access Holdings, United Bank for Africa Plc and Lafarge Africa Plc slowed stock performance last week.

Relevantly, the NGX All-Share Index was up 1.3% or 657.71 basis points week-over-week (WoW) to close at 52,215.12 basis points from 51,557, 41 5 basis points when opened for trading .1.28

Consequently, the stock market in its month-to-date (MtD) and year-to-date (YtD) returns closed at 0.8% and 22.2%, respectively.

However, activity levels were lower than the previous week, with trading volume and value declining by 38.7% WoW and 27.5% WoW, respectively.

NGX’s weekly report revealed that a total turnover of 504.322 million shares worth N7.517 billion in 12,393 trades was traded this week by investors on the exchange floor, against a total of 822.404 million shares worth N10.366 billion. who have exchanged hands in 20,643 previous transactions.

According to the report, the financial services sector (measured by volume) leads the business chart with 270.549 million shares valued at N2.940 billion traded in 5,730 transactions; thus contributing respectively 53.65% and 39.11% to the volume and value of the total turnover of the shares.

NGX sector performance revealed that the industrial goods index fell 3.4%, the insurance index fell 1.9%, the banking index depreciated 0.5% and the consumer goods index fell 0.3% while the flat oil and gas index closed.

The report states that a total of 2,414 units worth 962,254 Naira were traded last week in 10 transactions, compared to a total of 5,099 units worth 267,772.87 Naira traded in the 17 transactions from the previous week.

Analysts at Cordros Securities said, “We expect investors to trade cautiously over the coming week as they anticipate the H1-22 earnings season.

“Nevertheless, we reiterate the need to position ourselves only in fundamentally sound stocks, as the weak macroeconomic environment remains a significant headwind for corporate earnings.”

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