Airtel, other stocks cause over N680bn gain on Nigerian Exchange

Nigeria’s equities market gained about N682billion on Wednesday as investors raised bet on stocks like Airtel Africa Plc, EcoIheanyi Nwachukwu
bank Transnational Incorporated Plc, Learn Africa Plc and others.

At the close of trading session on Wednesday, the market’s performance indicators –the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation – increased from 45,939.51 points and N24.755trillion to 46,529.99 points and N25.073 trillion respectively. The NGX ASI increased by 1.29percent, pushing the week-to-date (WtD) return high to +1.25percent.

Airtel Africa rallied most on Wednesday, from N1155.50 to N1271, adding N115.50 or 10percent; while ETI Plc rose from N9.95 to N10.90, up by 95kobo or 9.55percent.

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Courteville Business Solutions rose from 55kobo to 60kobo, adding 5kobo or 9.09percent. Academy Press increased from 79kobo to 86kobo, up by 7kobo or 8.86percent, while Learn Africa increased from N1.29 to N1.40, adding 11kobo or 8.53percent.

Cadbury Nigeria Plc led the laggards’ league after its share price decreased from N9.50 to N8.60, losing 90kobo or 9.47percent; followed by Champion Breweries Plc which decreased from N2.55 to N2.35, shedding 20kobo or 7.84percent.

The market’s year-to-date (YtD) return increased to 8.93percent. In 4,219 deals, investors exchanged 328,997,020 units valued N4.817billion. Mutual Benefit, GTCO, Chams and Nigerian Breweries were actively traded stocks on the Nigerian Bourse.