Yesterday saw significant trading in Airtel Africa shares and 36 other stocks, pushing the Nigerian Exchange Limited (NGX) All-Share Index (ASI) to 70,581.76 points, the highest level ever reached by the Nigerian stock market.
In particular, the ASI increased by 1,345.57 points, or 1.94 percent, at the reopening of trading for the month of November, closing at 70,581.76 points.
Additionally, the market capitalization closed at N38.778 trillion, up N739 billion.
The Year To Date (YTD) return increased by +37.7% as a result of the development.
Gains in medium- and large-cap equities, such as those in Airtel Africa, Presco, FBN Holdings (FBNH), Zenith Bank, and Cadbury Nigeria, had an impact on yesterday’s rise.
Remember that the market has been rising since President Bola Tinubu’s administration took office as a result of its audacious reforms, particularly the elimination of fuel subsidies and the liberalization of the foreign currency market.
Additionally, in anticipation of higher earnings and an interim dividend by listed corporations in the third quarter result, investors have kept moving their investments around and growing their portfolio.
The market breadth was strong at the closing, with 37 equities rising against 16 decliners. The Insurance (+3.7%) and Banking (+2.2%) indices showed improvements in the sectors performance, whilst the Industrial Goods and Oil & Gas indices closed flat. Yesterday, the Consumer Goods index (-0.1%) was the only one to experience a decline.
With a 10% price rise, Airtel Africa closed at N1, 694.10. University Press and Chams Holding Company followed with 9.91% and N2.44% gain, respectively, to conclude at N2.33 and N2.44 percent.
While FBNH gained 9.78 percent to settle at N19.65, NEM Insurance increased by 9.90 percent to close at N5.55.
Conversely, Caverton Offshore Support Group closed at N1.43 percent, leading the losers’ chart by 7.74 percent. After that, Champion Breweries saw a 6.85% decrease to close at N3.40, and C & I Leasing saw a 6.41 percent loss to close at N3.36 kobo.
Unilever Nigeria saw a 2.44 percent fall to close at N14, while UPDC Real Estate Investment Trust saw a 2.70 percent decline to conclude at N3.60.
With 601.733 million units traded in 7, 444 deals valued at N11.016 billion, the total traded volume climbed by 24.51%.
United Bank for Africa (UBA) transactions, totaling 163.562 million shares valued at N3.473 billion, led the activity chart.
Guaranty Trust Holding Company (GTCO) transacted 45.752 million shares valued at N1.601 billion, while FBNH followed with 94.655 million shares worth N1.841 billion.
Universal Insurance sold 34.716 million shares for N8.938 million, while Access Holdings Consolidated traded 36.694 million shares valued at N641.992 million.
Dr. Paul Uzum, Head of Equity at Planet Capital, responded to the market’s performance by saying: “Airtel Africa gained 10% to lift the market yesterday; it’s weight in the market index is roughly 15%.” He declared, “The movement will not be sustained.”
“We anticipate a mildly negative performance on the local bourse tomorrow as investors take advantage of the recent gains,” Afrinvest analysts stated.
