Stock market continues bullish run amid Airtel Africa listing

The stock market continued its bullish run at the close of trading on Tuesday following the listing of Airtel Africa on the local bourse.

Airtel completed its planned cross-border Secondary Listing of 3,758,151,504 ordinary shares at N363.

The market which ended on a positive on Monday appreciate by 0.1% to settle at 29,318.85.

Market capitalisation increased by N1.4bn to N14.3tn while YTD loss moderated to 6.7%. Similarly, activity level strengthened as volume and value traded inched up by 36.1% and 41.8% to 294.4m units and N3.2bn respectively.

CORNERST (80.1m units), ZENITH (48.5m units) and GUARANTY (29.8m units) were the top trades by volume while ZENITH(N922.8m), GUARANTY (N840.9m) and MTNN (N491.7m) led the top trades by value.

Read also: “Airtel finally completes listing of N3.76bn shares on NSE at N363”

Performance across sectors was negative as all 5 indices under our coverage closed in the red.

The Banking and Oil & Gas indices led decliners, shedding 2.2% and 0.7% respectively, following sell offs in GUARANTY (-3.0%), ETI (-8.7%), FORTE (-5.4%) and CONOIL (-6.9%).

Also, losses in DANGCEM (-1.3%) and WAPIC (-7.0%) drove a 0.5% decline in the Industrial Goods and Insurance indices respectively.

The Consumer Goods index trailed, down 0.4% as a result of sell pressures in DANGSUGAR (-8.3%),PZ (-5.8%) and FLOURMILL (-1.8%).

Today’s top performers were CADBURY (+4.4%), JAPAULOIL (+4.3%) and DANGFLOUR (+1.8%) while GLAXOSMITH (-9.8%), COURTVILLE (-8.7%) and ETI (-8.7%) declined the most.

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