Airtel Africa Boosts Nigerian Equities Market with 1.8% Rise

Bouncing back from a downturn in the previous trading session, the Nigerian Equities Market has witnessed a notable uplift, primarily attributed to the surge in Airtel Africa's stock prices. This positive shift propelled the benchmark index to escalate by 1.76 percent, concluding the trading day at the significant mark of 103,498.28 basis points.

Airtel Africa Leads Market Gains

The Nigerian Stock Exchange (NGX) observed a buoyant atmosphere on Wednesday as major stocks such as Airtel Africa, Geregu Power, and Zenith Bank recorded impressive upward movements, ultimately keeping the market buoyant. Airtel Africa took the spotlight with an outstanding 10.0 percent surge, while Geregu Power and Zenith Bank also contributed with respective gains of 6.72 percent and 2.82 percent.

Market Indicators Show Positive Trends

With these advancements, the Month-to-Date and Year-to-Date returns shifted positively to +2.3 percent and +38.4 percent, signifying robust growth in the market. The market's overall value significantly increased as well, with equity investors gaining N979.78 billion, boosting the market capitalization up to a total of N56.63 trillion.

Breadth and Sector Performance

Market sentiment, as indicated by market breadth, was predominantly positive, with 26 stocks advancing compared to 25 decliners. In terms of individual performance, Airtel Africa and Unity Bank surfaced as the day's top gainers, each enjoying a 10.0 percent uptick in share value. On the flip side, Mecure Industries and Thomas Wyatt Nigeria found themselves at the bottom of the list with a 10.0 percent decline in their share prices.

Sector-wise, the banking, consumer goods, and oil/gas sectors witnessed gains of 2.01 percent, 3.99 percent, and 5.34 percent respectively. Conversely, the insurance and industrial goods sectors faced setbacks, recording losses of 0.25 percent and 3.54 percent.

Trading Activity and Turnover

The trading activity for the day indicated a higher turnover than the previous session, increasing by 181.51 percent in value. Investors exchanged a massive 426.86 million shares worth N12.11 billion over 8,654 deals.

Among those heavy trading volumes, First Bank of Africa Holdings led by volume, while Geregu Power not only soared in stock price but also led by value with transactions amounting to N2.50 billion.

Equities, Airtel, NGX