HomeBUSINESSAirtel Africa and Insurance Equities Boost Nigerian Exchange by 0.84% Despite Bearish...

Airtel Africa and Insurance Equities Boost Nigerian Exchange by 0.84% Despite Bearish Sentiment

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WhatsApp Image 2024 05 16 at 1.03.11 PM

By Fasuyi Tolulop

The Nigerian Exchange (NGX) Limited saw a modest uptick on Thursday, gaining 0.84% largely due to the performance of Airtel Africa and select insurance equities.
Investor sentiment at the local bourse, however, remained subdued due to ongoing profit-taking in the banking and consumer goods sectors. The insurance index was the only sector to show gains, rising by 0.51% by the close of trading at 2:30 PM.
Data indicated that the banking sector experienced a significant decline of 3.04%, the energy sector dropped by 0.36%, and the consumer goods index fell by 0.06%, while the industrial goods sector remained unchanged.
At the end of trading, the All-Share Index (ASI) increased by 813.29 points to close at 98,156.71 points, up from the previous day’s 97,343.42 points. The market capitalization rose by 0.85%, or N467 billion, settling at N55.525 trillion compared to N55.058 trillion on the previous day.
The market breadth index of the NGX was negative, with 24 stocks declining and 15 stocks appreciating. Leading the gainers, Royal Exchange and Guinea Insurance each gained 10.00% to close at 55 Kobo and 33 Kobo, respectively. Airtel Africa surged by 8.97% to N2,150.00, International Energy Insurance rose by 7.84% to N1.65, and Prestige Assurance increased by 5.88% to 54 Kobo.
On the losing side, Eterna topped the list with a 9.89% decline to N12.30. FCMB dropped 8.28% to N6.65, Omatek decreased by 6.94% to 67 Kobo, Unity Bank fell by 5.88% to N1.60, and FBN Holdings slipped by 5.36% to N22.95.
Trading activity was robust on Thursday, reflecting renewed trader confidence in the domestic equity market. Trading volume and value rose by 15.24% and 25.35%, respectively, although the number of deals slightly decreased by 0.50%. A total of 409.8 million shares valued at N8.9 billion were traded in 7,296 deals, compared to 355.6 million shares worth N7.1 billion in 7,333 deals on Wednesday.
Custodian Investment led the activity chart with a turnover of 115.6 million shares valued at N1.4 billion. Nigerian Breweries traded 83.8 million shares worth N1.9 billion, UBA transacted 26.1 million shares for N560.5 million, Access Holdings exchanged 24.2 million shares for N409.8 million, and GTCO sold 22.9 million shares valued at N946.9 million.

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