NGX reverses last week’s gain as Airtel Africa loses big
This week started on a bearish note in the Nigerian Exchange (NGX), which posted a 0.89% decline to close today with an All-Share Index of 98,703.68 points, marking an 883.57-point decline from last Friday’s 99,587.25 points.
The decline in the market was driven majorly by the 10% fall in the Airtel Africa share value. However, market breadth was positive as 38 stocks recorded gains, in contrast with 18 that recorded losses.
During the day, the leading gainers were Cornerstone Insurance, Guinea Insurance, and Oando which gained 10%, 10%, and 9.94% respectively.
Market IndicesNGX All Share Index: 98,703.68 pointsPrevious ASI: 99,587.25 points% Day Change: -0.89%Day’s Lowest: 98,871.03 pointsDay’s Highest: 100,437.71 points% YTD: +32.00%Market Cap: N55.82 trillionVolume Traded: 421.73 million unitsValue: N8.95 billionDeals: 10,624Top gainers and losers
Cornerstone and Guinea Insurance led the gainers’ chart with 10% gains each, followed by Oando with a 9.94% gain. Since Oando released its FY 2022 financial results on April 23, the group’s share price has declined by 1.5%, reflecting investors’ pessimism about the group’s financial performance.
Other top gainers during the day were Wema Bank, Deap Capital Management, and FTN Cocoa Processors which gained 9.42%, 9.26%, and 8.89% respectively.
Airtel Africa’s share price dropped from N2200 to N1980 to close with a 10% decline. Berger Paints, Industrial and Medical Gases, and International Energy Insurance closed with 9.85%, 9.82%, and 9.35% losses respectively. International Breweries and NSL Tech posted 9.00% and 8.47% losses respectively.
Top traded stocks
Access Holdings (+3.16%) was the top traded stock in terms of volume with 98.24 million units, followed by UBA (+0.78%) with 40.40 million units, GTCO Holdings (+7.61%) with 35.91 million units, Universal Insurance (+5.56%) with 30.40 million units, and Zenith Bank (+0.58%) with 26.90 million units.
In terms of value, Access Holdings led with N1.76 billion, followed by GTCO with N1.49 billion, and UBA with N1.07 billion. Zenith Bank saw N982.1 million, and Presco saw N835.6 million.
SWOOTs and FUGAZ Update
There was an overall bearish sentiment for Stocks Worth Over One Trillion (SWOOT) as Airtel Africa posted a 10% loss, while GTCO, Zenith Bank, and MTN posted 7.61%, 0.58%, and 0.23% gains respectively. Other members of the category, BUACEMENT, BUAFOODS, DANGCEM, TRANSPOWER, GEREGU, and SEPLAT recorded no price changes.
Tier-1 banks posted a bullish run as FBNH, UBA, GTCO, Access, and Zenith Bank recorded 4.63%, 0.78%, 7.61%, 3.16%, and 0.58% gains respectively.
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Full Story: https://nairametrics.com/2024/05/07/ngx-reverses-last-weeks-gain-as-airtel-africa-loses-big/
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