Airtel’s N376 billion gain offsets bank stock losses, as NGX hits 3-month high  

Airtel Africa Plc posted a 4.76% gain, representing a N376 billion equity gain to boost the NGX to a 0.47% gain today.  

The All-Share Index of the Nigerian Exchange closed at 100,503.21 points, its highest since April 18.

The gain posted in the market was irrespective of the overall bearish performance of banking stocks today.  

The NGX’s overall market capitalization appreciated by N257 billion to reach N56.908 trillion.  

Despite the overall bullish sentiment in the market, the market breadth was negative, as there were 29 losers compared to 24 gainers. There was also a 64.3% decline in market activities as the trading volume hit 392.795 million shares, in contrast with 1.099 billion shares traded yesterday. 

Market Highlights  

Top gainers: The top-gaining stock in the NGX was United Capital Plc, which recorded a 9.92% gain to reach N39.90. This week, United Capital has gained 40.49%, as it started the week at N28.40.  

• Oando Plc gained 9.76% to close at N18.55, its highest share price since December 2014. Year-to-date, Oando has gained about 77% in the NGX.  

• Africa Prudential also gained 9.55% today to close at N9.75.  

• Learn Africa Plc gained 9.38% to close at N3.85 and RT Briscoe Plc gained 9.09% to close at N0.72.  

Top losers: Linkage Assurance and Veritas Kapital Assurance were the top decliners today to close at N0.90 and N1.08 respectively.  

• Veritas Kapital Assurance has been one of the top performing stocks in the NGX in 2024, with a 192% year-to-date return.  

•  Vitafoam declined by 9.67% to close at N19.15, while Zenith Bank lost a whopping 7% to close at N37.20. Livestock Feeds lost 6.84% to close at N2.18.  

Top traded stocks: GTCO Holdings recorded the highest turnover volume in the market with 39.748 million shares as well as a 0.44% share price decline.  

• There was intense selling pressure on Veritas Kapital Assurance, as it recorded a turnover volume of 36.059 million shares.  

• FCMB recorded a 1.30% decline as well as a turnover volume of 31.603 million shares, UBA declined by 2.31% and posted a turnover volume of 29.383 million shares. Cutix Plc posted a 6.85% gain as well as a turnover volume of 28.642 million shares.  

• In terms of turnover value, Airtel Africa Plc led with a turnover value of N2.25 billion, followed by GTCO with a turnover value of N1.803 billion.  

• UBA Plc posted a turnover value of N689.79 million, Zenith Bank posted a turnover value of N683.66 million. Oando Plc posted a turnover value of N386.40 million.  

SWOOTs and FUGAZ Update  

• Trading sentiment was mixed across stocks worth one trillion, as Airtel Africa posted a remarkable 4.76%, while Zenith Bank posted a 7% decline. GTCO Holdings also posted a 0.44% decline.  
• Other members of the category, BUA Cement, BUA Foods, Dangote Cement, MTN Nigeria, Geregu Power, Transcorp Hotels, Transcorp Power, and Seplat Energy posted no change.  
• There was a general bearish sentiment around banking stocks, however, Access Holdings posted a 0.26% share price gain. FBN Holdings, GTCO, UBA, and Zenith Bank posted 4%, 0.44%, 2.31% and 7% declines respectively.