• Tuesday, December 05, 2023
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Stock investors gain N163bn as buy-side activity strengthens


The buy-side activity level on Nigerian Exchange strengthened further on Tuesday August 3 as investors continued to bargain hunt across sectors.

Investors in equities gained about N163billion at the close of trading – thanks to investors who raised bet on shares of Airtel Africa Plc, making the stock to rally most on the Bourse, from a low of N615 to N650, up N35 or 5.69percent.

Airtel on Tuesday announced first closing relating to the Airtel Money minority investment transactions with both TPG’s The Rise Fund and Mastercard previously announced by the Group on March 18, 2021 and April 1, 2021 respectively.

“With the conditions for first closing having now been met, The Rise Fund and Mastercard have invested $150million and $75million respectively in a secondary purchase of shares in AMC BV from a subsidiary of Airtel Africa, with a further $50million and $25million respectively to be invested at second close upon further transfers of mobile money operations into AMC BV.

“Under the AMC BV shareholders’ agreement, The Rise Fund is now entitled to appoint a director to the board of AMC BV and both Mastercard and The Rise Fund now have certain customary information and minority protection rights”, Airtel said.

Read also: Nigeria’s stocks shed N64bn in one week

As previously reported, the proceeds from these transactions will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.

Also, Cutix Plc made the top advancers’ list after its share price increased from N4.81 to N5, up by 19kobo or 3.95percent.

Meanwhile, the share price of Honeywell Plc decreased most from day open high of N1.67 to N1.54, down by 13kobo or 7.78percent.

This record positive came despite diminishing market reception of first-half (H1) corporate earnings on the Exchange.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased by 0.81percent, from preceding trading day’s lows of 38,604.72 points and N20.113trillion respectively to 38,917.99 points and N20.276trillion. The negative return seen year-to-date (Ytd) on the Bourse decreased to -3.36percent.

Transnational Corporation, Jaiz Bank, Honeywell, Wema Bank and Mutual Benefit were most traded stocks on the NGX on Tuesday. In 4,651 deals, equity buyers exchanged 231,451,362 units valued at N2.132billion.