Business

Sustained interests in Airtel, FBN Holdings lift index further by 1.2%

Sustained buying interest in most blue-chip stocks especially, Airtel Africa and FBN Holdings pushed the Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) further by 1.2 per cent yesterday.

The positive performance was occasioned by bargain hunting in banking and oil & gas stocks. Also, investors’ interest in Airtel Africa following its share buy-back plan buoyed the performance.
Specifically, the All-Share Index (ASI) increased by 473.61 absolute points, representing a growth of 1.2 per cent to close at 40,716.66 points. Similarly, the market capitalisation gained N247 billion to close at N21.217 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Julius Berger, FBN Holdings (FBNH), Zenith Bank and Guaranty Trust Holding Company (GTCO).

Analysts at Afrinvest Limited said: “In the next trading session, we anticipate a sustained positive performance on the back of bargain hunting activities.”

Vetiva Dealing and Brokerage said: “Market has been bolstered by activities in the banking space and some small-cap counters. We expect a mixed trading pattern in tomorrow’s session as investors continue to cherry-pick attractive names across sectors while taking profit in others.”

Furthermore, the market breadth closed positive, recording 32 gainers, while 18 constituted the losers’ chart.

FBN Holdings recorded the highest price gain of 9.76 per cent, to close at N9.00, per share. Pharma Deko followed with a gain of 9.69 per cent to close at N2.83 kobo, while Courteville Business Solutions appreciated by 7.89 per cent to close at 41 kobo.

Learn Africa went up by 7.64 per cent to close at N1.55 kobo. Jaiz Bank appreciated by 7.02 per cent to close at 61 kobo.

On the other hand, University Press led the losers’ chart by 9.63 per cent, to close at N1.22 kobo, while Regency Alliance Insurance followed with a decline of 8.89 per cent to close at 41 kobo. International Breweries declined by 6.25 per cent to close at N4.50 kobo.

PZ Cussons Nigeria shed 5.22 per cent to close at N5.45 kobo while Consolidated Hallmark Insurance depreciated by 4.84 per cent to close at 59 kobo.
The total volume traded rose 114.0 per cent to 432.992 million shares, worth N3.125 billion, and traded in 4,377 deals.

Transactions in the shares of Universal Insurance topped the activity chart with 105.108 million shares valued at N21.232 million.

FBNH followed with 46.307 million shares worth N411.158 million, while Access Bank traded 30.696 million shares valued at N286.677 million.

GTCO traded 25.662 million shares valued at N721.393 million, while Courteville Business Solutions transacted 22.388 million shares worth N9.179 million.

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