Sell-offs in Airtel Africa drag capitalisation to N7bn

By Philemon Adedeji

Bearish sentiments which persisted yesterday on the Nigerian Exchange Limited (NGX) caused by Sell-offs in Airtel Africa (-0.17 per cent) alongside Zenith Bank  (-0.18 per cent) and Guaranty Trust Holding Company (GTCO) (-0.18 per cent) dragged capitalization to N7billion.

Specifically, the NGX All-Share Index (ASI) suffered 14.33 basis points or 0.02 per cent loss to close at 56,025.56 absolute points from 56,038.85 absolute points.

Consequently, the ASI’s year-to-date (YTD) return fell to 9.32 per cent while the market capitalization value lost N7.24 billion to close at N30.51 trillion.

The market downturn performance was impacted by price depreciation in medium and large capitalized stocks which are: Union Bank of Nigeria, Flour Mill, NGX GROUP and others.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 12.24 per cent.

The trade volume increased to of 397, 624,810 million shares valued at N6.54 billion were exchanged in 5,613 deals.

GTCO (-0.18 per cent) led the volume chart with 43.03m units traded, while Airtel Africa (-0.17 per cent) led the value chart in deals worth N2.71 billion.

On the price movement chart, Honey flour and Eterna Oil plc emerged as the highest price gainer with 9.87 per cent each increased to close at N3. 45 and N12.25 per share respectively, while FTNCOCOA Processor rose by 9.86 per cent to close at N0.78 per share.

Cornerstone Insurance which recorded as the last fourth gainers grew by 9.78 per cent increased to close at N1.01 per share, while Wapic Insurance which recorded as the last fifth gainer went up by 9.52 per cent to close at N0.4 per share.

On the other hand, Union Bank of Nigeria led as the highest price loser which depreciated by 8.86 per cent to close at N7.20 per share, Flour Mill of Nigeria which followed went down by 4.20 per cent to close at N33.10 per share, while NGXGROUP dipped by 3.11 per cent to close at N28. 00 per share.

Prestige Assurance which recorded as the last fourth loser shed 2.44 per cent to close at N0.40 per share, while Courtville Business Solution which recorded as the last fifth loser decreased by 2.08 per cent to close at N0.47 per share.

Transaction in the shares of NPF Microfinance Bank topped the activities chart with 100.762 million shares worth N181.373 million, Guaranty Trust Holding Company which followed transacted 43.031 million shares valued at N1.197 billion, Japaulgold traded 27.838 million shares worth N11.541 million.

Fidelity Bank exchanged 24.297 million shares valued at N140.898 million, while Access Corporation accounted 23.020 million shares worth N293.044 million.

NewsDirect
NewsDirect
Articles: 50260