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HomeBusinessProfit taking on Airtel drives down Nigeria's equity market by N569 bln

Profit taking on Airtel drives down Nigeria’s equity market by N569 bln

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By Ifeyinwa Ezeokoli

Opening the week after the Easter holidays on Tuesday, the bears continued to dominate the Nigerian equity market with a loss of N569 billion due to profit-taking on Airtel Africa.

Accordingly, the market capitalization dipped by N569 billion to close at N28.300 trillion.

The All-Share Index (ASI) dropped by 1,041.14 points, representing a decrease of 1.96 percent, to close at 51,952.99.

Consequently, the month-to-date and year-to-date returns printed -4.2 percent and +1.4 percent, respectively.

This loss marked the stock market’s sixth straight session loss.

The downturn was impacted by losses recorded in medium and large-cap stocks, amongst which are Airtel Africa, Lafarge Africa, UACN, Nigerian Breweries, and Fidson Healthcare.

This week, United Capital Plc said, “We expect the bearish sentiments to continue in the market, supported by the illiquidity in the financial system.

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Subsequently, investors may favor the fixed-income market over the equity market.

“However, the low prices and valuations provide an opportunity for the buy side to re-enter the market and take positions ahead of the Q1 2023 earnings season.”

Market breadth closed negative with four gainers in relation to 28 decliners.

Airtel Africa led the losers’ chart in percentage terms by 10 percent to close at N1,198 per share.

Royal Exchange and Consolidated Hallmark Insurance followed with 9.09 percent each to close at 60k each,  per share.

Multiverse Mining and Exploration shed 8.75 percent to close at N2.40, while Neimeth International Pharmaceuticals shed 8.28 percent to close at N1.33 per share.

Caverton Offshore Support Group drove the gainers’ chart in percentage terms by 8.25 percent to close at N1.05 per share.

Nigerian Aviation Handling Company followed with a gain of 3.06 percent to close at N10.10 per share.

Transcorp appreciated by 2.19 percent to close at N1.40, while Sterling Financial Holdings Company gained 1.35 percent to close at N1.50 per share.

Meanwhile, the total volume of trades increased by 545.60 percent to 1.72 billion units valued at N4.79 billion exchanged in 4,286 deals.

Transactions in the shares of Transcorp topped the activity chart with 1.55 billion shares valued at N2.10 billion.

Zenith Bank followed with 44.46 million shares worth N1.134 billion, while United Bank for Africa traded 20.98 million shares valued at N179.52 million.

Fidelity Bank traded 8.39 million shares valued at N44.55 million, while Royal Exchange transacted 6.43 million shares worth N3.88 million.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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