Investor confidence boosts Nigerian equities by 0.57%

The Nigerian equities market kicked off the week on a bullish note as gains in Airtel Africa Plc and 34 others drove the overall capitalisation higher by N906bn.

The All-Share Index gained 1,412.65 points, representing a growth of 0.57 per cent to close at 251,125.02 points, while the market capitalisation rose by N906bn to close at N160.983tn.

Consequently, the Month-to-Date and Year-to-Date returns closed higher at 3.7 per cent and 61.4 per cent, respectively.

The upturn was driven by gains recorded in medium and large-capitalised stocks, including Airtel Africa, Oando, Union Dicon Salt, Red Star Express, and CWG.

On the market outlook, Cowry Assets Management Limited said the market was expected to sustain its bullish tone, underpinned by renewed investor confidence and ongoing portfolio readjustment.

Market breadth was positive, as 35 advancers outpaced 30 decliners. Airtel Africa recorded the highest price gain of 10 per cent, closing at N3,655.70 per share.

International Energy Insurance followed with a gain of 9.68 per cent to close at N3.74, while Sovereign Trust Insurance rose by 9.65 per cent to close at N2.50 per share.

Caverton Offshore Support Group went up by 9.63 per cent to close at N7.40, while VFD Group appreciated by 9.55 per cent to close at N10.90 per share.

On the other hand, McNichols led the losers’ chart by 10 per cent to close at N7.20 per share. The Initiates Plc followed with a decline of 9.91 per cent to close at N30.45, while Learn Africa declined by 9.69 per cent to close at N11.65 per share.

Zichis Agro Allied Industries depreciated by 7.93 per cent to close at N30.98, and May & Baker Nigeria declined by 6.60 per cent to close at N46.70 per share.

The total volume traded declined by 30.2 per cent to 497.09 million units, valued at N31.62bn, and exchanged in 74,129 deals.

Transactions in Access Holdings shares topped the activity chart, with 61.291 million shares valued at N1.525bn. Zenith Bank followed with 37.932 million shares worth N4.989bn, while Fidelity Bank traded 35.796 million shares valued at N851.162m.

Japaul Gold & Ventures traded 24.670 million shares valued at N90.890m, while Tantalizers sold 22.789 million shares worth N103.160m.