Nigerian stocks cross N29 trillion mark amid scramble for Airtel Africa’s shares

climbed for the third consecutive day on Friday as the main equity index enlarged by 1.8 per cent, pushing the combined valuation of all the stocks listed on the exchange beyond N29 trillion.

Rather than diminishing on account of the upward review of the benchmark interest rate by the central bank on Tuesday, appetite for stocks has been waxing stronger, with telecom shares being the main force that has been carrying equities higher ever since.Now valued at over N6.6 trillion, the telecom giant has gained about N3.6 trillion or 54 per cent since the start of the year.

Market breadth, an indicator of the level of investors’ sentiment towards trade, was neutral, with 19 gainers and laggards reported apiece. The all-share index rose 934 points to 50,085.5, while market capitalisation advanced to N29.2 trillion.Cutix appreciated by 9.96 per cent to close at N2.87. Airtel Africa enlarged by 9.89 per cent to end trade at N1,767. Wema went up by 8.63 per cent to N3.65. Ardova rose to N15.10, notching up 7.09 per cent in the process. FBN Holdings completed the top 5, climbing by 6.98 per cent to N11.50.Nigerian Breweries led losers, declining by 10 per cent to close at N69.30. UACN shed 9.

FBN Holdings had 18 million shares valued at N205 million traded in 308 deals. Transcorp traded 14 million shares estimated at N18.1 million in 87 transactions.

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