Nigerian Stock Exchange reverses trend, gains N317bn

The Nigerian Exchange reversed on Tuesday to close upbeat with N317 billion gain due to buying investors interest in Airtel Africa, MTN Nigeria Communications, Access Bank and 18 others.

Specifically, the market capitalisation rose by N317 billion to close at N20.411 trillion against N20.094 trillion recorded on Monday.

The upturn was buoyed by investors buy-sentiment in some blue-chip stocks like Airtel Africa, MTNN, Access Bank and 18 others.

Similarly, the overall market capitalisation value gained N318 billion to close at N20.412 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTNN, Northern Nigeria Flour Mills (NNFM), United Capital and Ecobank Transnational Incorporated (ETI).

Also, the All-Share Index which opened at 38,567.26 inched higher by 609.36 points to close at 39,176.62.

Accordingly, the month-to-date gain increased to 1.6 per cent, while the year-to-date loss moderated to 2.7 per cent.

The market growth was as a result of foreign investors interest in Airtel Africa which appreciated by 10 per cent.

A breakdown of the price movement chart shows that Airtel Africa led the gainers' table in percentage terms, appreciating by 10 per cent to N715 per share.

Unity Bank followed with 7.14 per cent to close at 60k, while Veritas Kapital increased by 4.35 per cent to close at 24k per share.

Courteville Business Solution added 4.17 per cent to close at 25k, while Caverton gained 3.89 per cent to close at N1.87 per share.

On the other hand, Juli topped the losers' chart in percentage terms, dropping by 9.01 per cent to close at N1.01 per share.

Consolidated Hallmark Insurance trailed with a loss of 6.90 per cent to close at 54k, while Jaiz Bank was down by 4.84 per cent to 59k per share.

Sunu Assurances lost 4.26 per cent to 45k, while LiveStock Feeds dropped by 3.06 per cent to close at N1.90 per share.

BOC Gas was the most active stock during the day, exchanging 249.77 million shares valued at N1.37 billion.

GTCO followed with an account of 37.28 million shares worth N1.04 billion, while Ecobank Transnational Incorporated traded 24.12 million shares valued at N131.02 million.

Jaiz Bank traded 18.65 million shares worth N11.55 million, while FBN Holdings sold 10.30 million shares valued at N74.999 million.

In all, Investors traded 474.53 million shares worth N3.98 billion in 4,161 deals.

This was against 194.95 million shares valued at 1.01 billion exchanged in 3,830 deals on Monday, representing an increase of 143.41 per cent.