Telcos Push Equities Market To N318bn Gains

The upturn was buoyed by investors’ buy-sentiment in some blue-chip stocks like Airtel Africa, MTN Nigeria Communications , Access Bank and 18 others.

In summary, the All-Share Index grew by 609.36 absolute points, representing an increase of 1.58 per cent, to close at 39,176.62 points. Similarly, the overall market capitalisation value gained 318 billion to close at N20.412 trillion.The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTNN, Northern Nigeria Flour Mills , United Capital and Ecobank Transnational Incorporated .

Analysts at Afrinvest Limited said: “We expect to see a mix of profit-taking and bargain hunting in the domestic equities market in the next trading session.” As measured by market breadth, market sentiment was positive as 21 stocks gained, relative to 20 losers. Airtel Africa recorded the highest price gain of 10 per cent, to close at N715.00, per share. Unity Bank followed with a gain of 7.14 per cent to close at 60 kobo, while Veritas Kapital Assurance rose by 4.35 per cent to close at 24 kobo, per share.

Courteville Business Solutions went up by 4.17 per cent to close at 25 kobo while Caverton Offshore Support Group appreciated by 3.89 per cent to close at N1.87, per share. On the other hand, Juli Plc led the losers’ chart by 9.01 per cent to close at N1.01, per share. Consolidated Hallmark Insurance followed with a decline of 6.90 per cent to close at 54 kobo while Jaiz Bank lost 4.84 per cent to close at 59 kobo, per share.

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Nigerian stocks gain N317 billion on heavy demand for telecom sharesThe gain is one of the biggest daily rise this year.
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