Stock market close in green zone as Airtel Africa, MTNN, others drag capitalization to N268bn

By Philemon Adedeji

Equities market extending its winning streak for the fifth consecutive session, the Lagos bourse maintained the positive momentum as the benchmark All Share Index (ASI) appreciated by 491.13 basis points to represent 0.95 per cent stronger at 52,097.62 Index points from 51,606.49 Index points it closed for previous trading day. Gains in Airtel Africa (+4.34 per cent), MTNN (+0.44 per cent) and Zenith Bank  (+2.27 per cent) kept the market in the green zone.

As a result, the ASI’s year-to-date (YTD) return increased to 1.65 per cent while the market capitalisation gained N268 billion to close at N28.367 trillion from N28.099 trillion it closed trade on Tuesday.

The upturn performance was impacted by price appreciation in medium and large capitalised stocks which are, Academy press, MTNN, Airtel Africa, Livestock and 36 others.

Analysis of yesterday’s market activities revealed trade turnover settled higher relative to the previous session, with the value of transactions up by 120.04 per cent.

Again, TRANSNATIONAL CORPORATION  led the volume and value charts with 6.13 billion units traded in deals worth N15.57 billion.

Market breadth closed positive as Academy press dominated the leaders log with 40 gainers as against Fidelity Bank which dominated 7 losers on the laggards log.

At the close of trade yesterday, the trade volume increased by 209.9 per cent to close at 6,476,207,310 million share worth N19.471 billion were exchanged in N268 billion deals.

Academy press and Livestock led as the highest price gainer which appreciated by 10.00 per cent each increased to close by N1.13 and N1.10 per share respectively, while Total Energies rose by 9.96 per cent to close at N217.5 per share

Honey flour and Cadbury went up by 9.80 per cent each increased to close at N2.80 per share and N11.20 per share respectively.

On the decliners log, Fidelity Bank led as the overall price loser went down by 6.57 per cent to close at N5.26 per share, Fidson healthcare which followed dipped by 5.56 per cent to close at N8.50 per share, while Linkages Assurance suffered 4.35 per cent loss to close at N0.44 per share.

AXA Mansard insurance and Jaiz Bank depreciated by 3.28 per cent each to close at N2.36 and N0.89 per share respectively.

Transaction in the shares of Transnational Corporation topped the activities chart with 6.125 billion shares worth N15.568 billion, Alex that followed transacted 112.537 million shares valued at N731.495 million while Access Corporation traded 60.510 million shares worth N632.250 million.

United Bank for Africa exchanged 27.604 million shares valued at N217.953 million.

Fidelity Bank accounted 22.327 million shares worth N123.641 million.