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Again, gains in Airtel lift Nigeria’s equity market with N192 bln added to mkt cap

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By Ifeyinwa Ezeokoli 

The Nigerian equities on Tuesday reversed the previous day’s loss, as buying interest in Airtel Africa Plc and 20 others triggered a N192 billion gain in the market capitalisation to close at N28.705 trillion.

Consequently, the All Share Index (ASI) rose by 352.49 absolute points, representing a gain of 0.67 percent to close at 52,701.31.

The year-to-date return increasing to +2.8 percent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nestle Nigeria, MRS Oil, Flour Mills and Vitafoam.

Looking forward, United Capital Plc said “our broad-based expectation for the equities market is bright in Q1, 2023 as we expect the yield environment to remain depressed due to excess maturities.

“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.”

Market breadth closed positive with 21 stocks in contrast with 15 losers.

A breakdown of the price movement chart shows that UPDC Real Estate Investment Trust (UPDCREIT) drove the gainers’  chart in percentage terms by 10 percent to close at N3.30 per share.

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MRS Oil followed with 9.93 percent to close at N15.50, while Chellarams rose by 9.92 percent to close at N1.33 per share.

SUNU Assurances grew by 8.82 percent to close at 37k, while McNichols appreciated by 7.02 percent to close at 61k per share.

On the other hand, UACN Property Development Company (UPDC) drove the losers’ chart in percentage terms by 6.93 percent to close at 94k per share.

Geregu Power followed with 6.71 percent to close at N139, while Linkage Assurance went down by 6.38 to close at 44k per share.

Royal Exchange lost 5.26 percent to close at 90k, while PZ Cussons Nigeria shed 5.21 percent to close at N10 per share.

The total volume traded increased by 3.0 percent to 228.487 million shares worth N4.44 billion traded in 3,681 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 76.74 million shares valued at N118.908 million.

Chams followed with 17.57 million shares worth N5.180 million, while Guaranty Trust Holding Company traded 16.75 million shares valued at N401.98 million.

Zenith Bank traded 11.32 million shares valued at N276.03 million, while Royal Exchange transacted 10.65 million shares worth N9.34 million.

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