Airtel drives market’s N354bn gain in holiday-shortened week

Nigeria’s equities market increased by 1.28percent in the trading week ended Friday July 15, thanks to Airtel Africa Plc which helped to reroute the market northwards following its huge gains on Friday.

The market had started the holiday-shortened week on a negative note; it moved further south on Thursday, before rerouting north on Friday by 1.71 percent as Airtel Africa led the top advancers league after its share price increased by N173.20 or 10percent on Friday, from day-open low of N1732.20 to N1905.40.

Month-to-date (MtD) the market has increased by 0.77percent while year-to-date (YtD) positive returns stood higher at 22.24 percent.

While NGX 30 Index which tracks the top 30 companies in terms of market capitalisation and liquidity increased by 0.91percent, the NGX sectoral indices closed the week in red, excluding NGX Oil & Gas Index which saw 0.02percent increase.

Read also: Stocks beat fixed income as inflation subdues returns

NGX Banking Index was down by 0.52percent, NGX Consumer Goods Index (-0.30percent), NGX Industrial Index (-3.38percent), and NGX Insurance Index (-1.89percent).

In the review week, stock investors gained N354billion in the market which had opened for just three days after a two-day public holiday.

The stock market’s performance indicators –All-Share Index (ASI) and Market Capitalisation – increased to 52,215.12 points and N28.157trillion respectively as against preceding weekend when both indicators stood at 51,557.41 points and N27.803 trillion.

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