The Nigerian Exchange (NGX) sustained bullish momentum on Tuesday with the market capitalization crossing the N21 trillion mark.

Specifically, the market capitalisation which opened at N20.969 trillion rose by N247 billion to close at N21.216 trillion.

Cordros Research attributed the growth to foreign investors’ interest in Airtel Africa following its share buy-back plan buoyed the impressive performance.

Also, the All-Share Index inched higher by 473.61 points or 1.18 per cent to close at 40,716.66 from 40,243.05 achieved on Monday.

Consequently, the month-to-date and year-to-date returns increased to 1.2 per cent and 1.1 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; Airtel Africa, Julius Berger, FBN Holdings (FBNH), Zenith Bank and Guaranty Trust Holding Company (GTCO).

Analysts at Afrinvest Limited said: “In the next trading session, we anticipate a sustained positive performance on the back of bargain hunting activities.”

Consequently, the market breadth closed positive with 32 gainers as against 18 losers.

Nigerian Exchange Gains N247bn On Buying Interest In Airtel Africa
FBNH dominated the gainers’ chart in percentage terms by 9.76 per cent to close at N9 per share.

Pharma Deko followed with 9.69 per cent to close at N2.83, while Courteville Business Solutions appreciated by 7.89 per cent to close at 41k per share.

Learn Africa went up by 7.64 per cent to close at N1.55, while Jaiz Bank appreciated by 7.02 per cent to close at 61k per share.

On the other hand, University Press led the losers’ chart in percentage terms by 9.63 per cent to close at N1.22 per share.

Regency Alliance Insurance followed with a decline of 8.89 per cent, to close at 41k, while International Breweries declined by 6.25 per cent to close at N4.50 per share.

PZ Cussons shed 5.22 per cent to close at N5.45, while Consolidated Hallmark Insurance depreciated by 4.84 per cent to close at 59k per share.

Transactions in the shares of Universal Insurance topped the activity chart with 105.11 million shares valued at N21.23 million.

FBNH followed with 46.31 million shares worth N411.16 million, while Access Bank traded 30.69 million shares valued at N286.68 million.

GTCO traded 25.66 million shares valued at N721.39 million, while Courteville Business Solutions transacted 22.39 million shares worth N9.18 million.

In all, a total of 432.99 million shares worth N3.13 billion was exchanged by investors in 4,377 deals, an increase of 113.97 per cent.

This was in contrast with 202.36 million shares valued at N1.86 billion traded in 4,066 deals on Monday.

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https://brandspurng.com/2021/10/06/nigerian-exchange-gains-n247bn-on-buying-interest-in-airtel-africa/

chidonweb:
That's very good

Vaughanlanrewaj:
FG through NCC should block the buyout of minority shareholders in Airtel and its subsequent delisting from the NGX. It's a reversal of the progress the nation has made in deepening the capital market and ensure the prosperity goes round.

I was among those supporting the insistence of NCC and FG that MTN should get listed and I am shocked now that Airtel is being allowed to commence a process that we all know will end in delisting at a time NCC should be working on how Glo should get listed too.

This is not the initial idea of ensuring that the wealth created in the telecommunications industry go round. NCC should please block this except they want others to follow suit.

Rhado:
How do I join, can 300k buy me good units of shares and which should I buy? Please someone should talk to me about it.

emmanuelewumi:



It appears you are not up to date about the happenings. Airtel is buying out minority shareholders in Airtel Nigeria, First Bank is one of the minority shareholders in Airtel Nigeria. CBN has directed First Bank to sell its share in the company, FBN will get up to N80 billion in this transaction. That is why FBN shares moved from N7 to over N9 and still on full bid.

Airtel Nigeria is different from Airtel Africa. Airtel Africa is the parent company of Airtel Nigeria

Airtel Nigeria is not listed, what we have listed on NSE and London Stock Exchange is Airtel Africa. Same way Ecobank Nigeria is not listed on NSE but ETI the pan African bank is listed in Nigeria, Ghana, Ivory coast

Rhado:
How do I join, can 300k buy me good units of shares and which should I buy? Please someone should talk to me about it.

bolabiyi:
one of the greatest money making machine is the nigeria stock exchange...ignorance of it has deprived a lot of people from great investment opportunities.....I started trading with 100k September and today, my capital is 165k...note...I was trading....(meaning buying and selling)...you need knowledge of how it works, fundamentals to follow, understanding market sentiments, company's financial reports etc.....when you understand d market well, you are good to go...Note....I started trading since 2004....experience played a major role...