Investors gain N263bn as Airtel, UCAP raise stock market capitalisation

Sell-offs, UCAP, Seplat, Investors, MTN, Stock market

The Nigerian stock market posted gains on Thursday, July 18, 2024, driven by renewed investor interest in stocks, including Airtel Africa, United Capital (UCAP), and Oando Plc, among others.

Investors gained N263 billion or 0.47 per cent as the market capitalisation increased from N56.645 trillion recorded in the previous session to N56.908 trillion.

The All-Share Index also increased by 0.47 per cent, rising by 471 points to close at 100,503.21, up from 100,032.32 on Wednesday, July 17.

As a result, the Year-To-Date return rose to 39.08 per cent.

However, market breadth closed negative with 29 losers and 24 gainers on the floor of the Exchange.

On the losers’ table, Linkage Assurance, Veritas Kapital led by 10k and 12k each to close at 90k and N1.08 per share, respectively.

Vitafoam lost N2.05 to close at N19.15, Zenith Bank shed N2.80 to close at N37.20, and Livestock Feed Plc dropped 16k to close at N2.18 per share.

Naira trades N1,566/$ at official market

On the other hand, UCAP led the gainers’ table by N3.60 to close at N39.90, Oando Plc followed by N1.65 to settle at N18.55 per share.

Africa Prudential gained 85k to close at N9.75, Learn Africa rose by 33k to close at N3.85, and RTbriscoe garnered 6k to close at 72k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 17.30 per cent.

A total of 392.80 million shares valued at N8.33 billion were exchanged in 9,013 deals, compared to 1.10 million shares valued at N10.08 billion exchanged in 8,720 posted in the previous session.

Guaranty Trust Holding Company (GTCO) led the activity chart in volume and value with 39.75 million shares valued at N1.8 billion, Veritas Kapital followed by 36.06 million shares worth N39.79 million.

First City Monument Bank (FCMB) transacted 31.60 million shares valued at N242.25 million, United Bank for Africa (UBA) sold 29.38 million shares valued at N689.79 million, and Cutix traded 28.64 million shares worth N190.50 million

The Star