Investors in the Nigerian equities market gained N905 billion at the close of trading on Monday, starting the week on a bullish note.
The rally was driven by gains in Airtel Africa, Tantalizers, and Sovereign Insurance, among other stocks.
The benchmark All-Share Index rose to 251,125.02 points from 249,712.37 points on Friday. Market capitalisation climbed to N160.9 trillion from N160 trillion over the same period.
Market breadth was positive. Of the 148 stocks traded, 35 advanced, 31 declined, and 82 closed flat across 82,434 deals. A total of 629.4 million shares worth N40.9 billion changed hands.
Airtel Africa led gainers, up 10% to close at N3,655.70 per share. Tantalizers rose 9.93% to N4.54, while Sovereign Insurance gained 9.65% to N2.50.
On the losers’ side, Zichis fell 9.99% to N5.72, TIP dropped 9.91% to N5.40, and FTN Cocoa declined 9.80% to N34.05.
Access HoldCo Bank topped the volume chart with 54 million shares traded in 3,305 deals. Fidelity Bank and Zenith Bank followed, trading 31 million and 29 million shares respectively.
On the value chart, Aradel led with trades worth N9.7 billion in 3,153 deals. Zenith Bank and Airtel Africa followed, with transactions valued at N3.9 billion and N1.8 billion.
Analysts say Airtel’s Monday 10% jump looks like momentum from the broader re-rating – naira stability, tariff hikes, strong data/mobile money growth, and the upcoming Airtel Money listing.
