Equity Market Rises 0.18 % On Bargain Hunting In Airtel, ETI

The Nigerian equity market closed on a positive note on Monday, fueled by bargain hunting in shares of Airtel and Ecobank Transnational Incorporated (ETI).

The market capitalisation increased by N70 billion (0.18%) to close at N39.219 trillion, while the NGX All-Share Index (ASI) gained 128.17 points (0.18%) to settle at 71,669.91 points. This translated to a year-to-date return of 39.4%.

VeritasKapital and Access Holdings emerged as the most traded stocks by volume and value, respectively, with N88.44 million and N61.27 billion worth of shares traded.

Despite the overall positive performance, the market witnessed a mix of winners and losers, with 30 stocks appreciating against 23 that declined.

Skye Shelter Fund led the gainers’ chart with a 9.98% increase, closing at N101.35 per share. ETI followed closely with a 2.05% gain to close at N22.80, while Deap Cap, SCOA, and Infinity also recorded price increases.

On the other hand, RTBriscoe led the losers’ chart in percentage terms by 0.06 per cent to close at N0.56 per share.

Secure Electronic Technology followed with 0.07 per cent to close at N0.68 per share.

NEM Insurance shed 0.55 per cent to close at 5.25k, while NNFM lost 3.25 per cent each to close at 35.25k.

Also, UPDC Real Estate Investment Trust declined by 0.40 per cent to close at 4.60k per share.

(NAN)