Stock Market Gains N905.57 bn as Investors Show Interest in Airtel Africa

Kayode Tokede

The stock market segment of the Nigerian Exchange Limited (NGX) rose by N905.57 billion yesterday, driven by investors’ interest in Airtel Africa Plc.

The telecommunication giant’s share price climbed 10 percent, or N332.30, to close at N3,655.70 per share. Market capitalisation increased from N160.077 trillion at the end of last week to N160.982 trillion, a rise of 0.57 percent or N905.57 billion.

The NGX All‑Share Index gained 0.57 percent, or 249,712.37 basis points, to close at 251,125.02 basis points, up from 249,712.37 basis points at the end of last week.

Consequently, the NGX ASI Month‑to‑Date and Year‑to‑Date returns settled higher at +3.7 percent and +61.4 percent, respectively.

Sector performance saw the NGX Insurance (+0.5 percent) and NGX Banking (+0.1 percent) indices advance, while the Oil and Gas (-1.8 percent) and NGX Consumer Goods (-0.3 percent) indices closed lower. The NGX Industrial Goods index finished flat.

Total volume traded fell 30.2 percent to 497.09 million units, valued at N31.62 billion, across 74,129 deals. Access Holdings Plc was the most traded stock by volume at 61.29 million units, and Aradel Holdings Plc was the most traded by value at N11.99 billion.

Market breadth indicated positive sentiment (1.2x), with 35 stocks gaining versus 30 losers. Airtel Africa (+10 percent) and International Insurance Plc (+9.7 percent) led the gainers, while Mcnichols (-10 percent) and TIP (-9.9 percent) recorded the largest losses of the day.

Capital market analysts forecast that trading on the Nigerian stock market will remain relatively muted this week, as sentiment lacks a major positive catalyst to drive a broad rebound.

The market closed last week on a subdued note, extending its bearish momentum as widespread losses in heavyweight names dragged overall performance.

Cordros Securities Limited said, “we expect market activity to remain relatively subdued in the near term in the absence of a major positive catalyst to drive sentiment. Nonetheless, we do not rule out selective bargain hunting across fundamentally sound names following the recent moderation in prices.”

Looking ahead, Cowry Assets Management Limited stated that “the Nigerian equities market is expected to remain mixed and cautious in the near term, as weak sentiment and profit‑taking continue to weigh on performance. Elevated fixed‑income yields and macroeconomic uncertainties may limit broad‑based gains, though selective buying could persist in fundamentally strong stocks, particularly in the banking and oil & gas sectors. Overall, trading activity is likely to remain stock‑specific with continued short‑term volatility.”