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Profit-Taking In Airtel Brings Down Stock Market

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Airtel

The Nigerian stock market on Friday lost N248 billion within six hours of trading due to profit-taking on Airtel Africa. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N20.043 trillion dipped N248 billion or 1.24 per cent to close at N19.795 trillion.

Similarly, the All-Share Index inched lower by 475.68 points or 1.24 per cent to close at 37,994.19 from 38,469.87 points reported on Thursday.

Airtel Africa dominated the laggards’ chart in percentage terms declining by 9.99 per cent to N601 per share.

NAHCO trailed with 9.65 per cent to close at N2.34, while NEM insurance declined by 9.09 per cent to close at N2 per share.

Regence Insurance went down by 8.16 per cent to close at 45k, while Red Star Express dipped 6.04 per cent to close at N3.11 per share.

On the other hand, FTN Cocoa led the gainers’ table in percentage terms, appreciating by 9.68 per cent to close at 34k per share.

Johnholt Engineering followed with a gain of 8.96 per cent to close at 73k, while Unity Bank gained 7.27 per cent to close at 59k per share.

Neimeth International Pharmaceutical increased by 5.88 per cent to close at N1.80, while Wapic Insurance rose by 5.36 per cent to close at 59k per share.

Guaranty Trust Bank Holding Company drove the activity chart with an exchange of 30.97 million shares valued at N909.73 million.

Courteville Business Solution followed with 22.18 million shares worth N4.84 million, while Chams traded 12.002 million shares valued at N2.40 million.

Fidelity Bank sold 11.51 million shares worth N26.60 million, while Transcorp exchanged 10.94 million valued at N10.31 million.

In all, investors bought and sold 241.84 million shares worth N2.71 billion achieved in 3,819 deals.

This was in contrast with a turnover of 238.24 million shares valued at N2.58 billion transacted in 3,927 deals on Thursday.

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