Nigerian stock investors remain attracted to Airtel Africa

 Nigerian stock investors remain attracted to Airtel Africa

Nigerian stock investors remain attracted to Airtel Africa.

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With investors’ exuberance for bank stocks helping sustain an uptrend that began at the last trading session, Nigerian equity prices jumped 0.69% on the third trading sessions of the week, on course for positive returns this week.

As a result, the bourse’s year-to-date yield dropped to -2.04%.

It was telco titan Airtel Africa again who led the charge on Tuesday, and ETI was close behind.

In times when generally positive half-year corporate results have failed to move trade substantially unlike other bourses elsewhere, that the shares of Airtel Africa have been the pivot of gain for two straight sessions is much welcomed.

It is expected that the publication of the mid-year financial supplements of the Big Five banks – the so-called FUGAZ – in the days to come will serve as a major pillar to sustain gains if the results are positive.

The all-share index expanded 271.84 points to close at 39,448.46 index points while market capitalization closed at N20.6 trillion.

As the Nigerian Exchange tracks five sector indexes, the banking index expanded the most, adding to gains, at a rate of 0.45%.

In terms of market breadth, which measures investors’ sentiment toward trade, 20 gainers were compared with 15 losers. There was no movement in 66 other stocks traded on Wednesday.

Top 5 gainers

N1.19 was the closing price for Pharma Deko, up 9.17%. There was an 8.61% increase in Neimeth to N1.64. N1.40 is the new high for Ikeja Hotels, rising 7.69%. N2.03 was the end trade for livestock, up 6.84%. With a score of N0.63, Linkage Assurance rounded out the top 5.

Top 5 losers

As of Wednesday’s close, FTN Cocoa, which had a decline of 8.89% to N0.41, was the worst performing stock. Wema Bank dropped 7.32% to close at N0.76. May & Baker fell to N4.40, a loss of 6.38%. Mutual Benefits slipped to N0.34, a decline of 5.56%. Veritas Kapital closed at N0.23, losing 4.17% in the process.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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