Airtel Africa Leads Nigerian Exchange to N1.91trn Market Gain
- The All-Share Index rose 1.20% to 248,529.75 points, while market capitalisation climbed to N160.422 trillion
- Airtel Africa led major gainers with an 8.59% rise, while the Consumer Goods Index was the only sectoral index to record a significant gain
- Market breadth remained negative as 37 stocks declined against 23 gainers, despite the strong rise in the benchmark index
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's stock market started the week on a positive note on Monday, August 3, as investors gained N1.909 trillion in market value, driven by strong performances from Airtel Africa and other equities.
Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) rose 1.20%, gaining 2,956.15 points to close at 248,529.75 points, compared with 245,573.60 points recorded at the end of the previous session.
Source: Getty Images
Market capitalisation increased from N158.513 trillion to N160.422 trillion.
Airtel Africa, Consumer Goods Stocks Lift Market
Investor sentiment improved on Monday despite losses across several sectors, with Airtel Africa emerging as one of the major stocks supporting the market's advance.
The Consumer Goods Index rose 0.76%, making it the only sectoral index among the major sectors to record a notable gain during the session.
The Insurance Index declined 1.64%, while the Banking Index fell 0.24%. The Energy Index also dropped 0.09%, while the Industrial Goods Index retreated 0.05%.
Airtel Africa surged 8.59% to close at N6,300.00, while Fortis Global Insurance gained 10.00% to N2.86. Chams advanced 9.80% to N4.48, NAHCO rose 9.29% to N153.00, and Sovereign Trust Insurance appreciated 6.59% to N1.78.
Despite the benchmark's strong performance, market breadth remained negative, with 37 stocks closing lower compared with 23 gainers, indicating that the gains were not broad-based across the market.
Top losers
- AVA Capital declined by 10.00% to close at N9.90.
- Ecobank fell 9.92% to N64.95.
- Caverton dropped 9.09% to N5.00.
- Ikeja Hotel declined 8.41% to N43.00.
- FTN Cocoa shed 8.37% to close at N8.10.
Top gainers
- Fortis Global Insurance gained 10.00% to close at N2.86.
- Chams rose 9.80% to N4.48.
- NAHCO advanced 9.29% to N153.00.
- Airtel Africa climbed 8.59% to N6,300.00.
- Sovereign Trust Insurance appreciated 6.59% to N1.78.
Source: Getty Images
Most active stocks
Trading activity remained strong during the session, although the volume of shares traded declined compared with the previous session. A total of 1.10 billion shares valued at N27.0 billion were traded in 59,185 deals.
- Consolidated Hallmark led the activity chart with 354.1 million shares worth N1.5 billion.
- Fortis Global Insurance traded 307.3 million shares valued at N818.3 million.
- Access Holdings exchanged 48.1 million shares worth N1.4 billion.
- Chams recorded 37.4 million shares valued at N163.3 million.
- First HoldCo traded 35.8 million shares worth N5.1 billion.
Femi Otedola's net worth rises again
Earlier, Legit.ng reported that Femi Otedola, Chairman of First HoldCo Plc, had strengthened his position in the financial services company by purchasing an additional 680.8 million shares through a private placement.
The transaction increased Otedola's stake in the group to 20.42%, taking the estimated value of his holdings to about N1.05 trillion.
Sources familiar with the deal said the shares were issued at N44 each, representing a discount to First HoldCo's closing share price of N61 on July 18.
Source: Legit.ng
