Nigerian stocks gain N317 billion on heavy demand for telecom shares

Nigerian stocks advanced by 1.58 per cent or N317.4 billion on Tuesday in one of the biggest daily gains this year, regaining the ground lost at the Monday session as investors’ exuberance for telco giants Airtel Africa and MTNN principally lifted trade.

Tuesday’s trade also saw a big leap in liquidity, which saw trade volume outstripping that of the previous session’s by 143 per cent.

Also, helping gains, the oil and gas index progressed the most of the five sector indexes tracked by the bourse, climbing 0.11 per cent.

Market breadth, which measures investors’ sentiment, was positive as 21 gainers emerged compared to 20 losers.

The all-share index rose 609.36 basis points to 39,176.62, while market capitalisation closed higher at N20.4 trillion. The index has been down 2.72 per cent since the start of the year.

Airtel led gainers, appreciating by 10 per cent to close at N715. Unity Bank rose to N0.60, notching up 7.14 per cent in the process. Veritas Kapital added 4.35 per cent to end today’s trade at N0.24. Courteville went up by 4.17 per cent to N0.25. Caverton climbed 3.89 per cent to N1.87.2

Juli led losers, declining by 9.01 per cent to close at N1.01. Consolidated Hallmark shed 6.90 per cent to close at N0.54. Jaiz Bank fell to N0.59, losing 4.84 per cent. Sunu Assurance dipped to N0.45, recording 4.26 per cent depreciation. Livestock closed at N1.90, going down by 3.06 per cent.

Altogether, 474.5 million shares estimated at N4 billion were traded in 4,161 deals.

GTCO was the most active stock with 347.3 million units of its shares worth N1 billion traded in 489 deals. ETI traded 24.1 million shares priced at N131 million in 74 transactions. Jaiz had 18.6 million shares valued at N11.6 million traded in 33 deals. FBN Holdings traded 10.3 million shares estimated at N75 million in 134 transactions. Transcorp traded 10 million shares valued at N9.5 million in 62 deals.