NSE Market Capitalisation Rises By N1.38 Trillion On Airtel Africa Listing

The market capitalisation of the Nigerian Stock Exchange (NSE) swelled on Tuesday with the admission of the cross border secondary listing of Airtel Africa 3.75 billion ordinary shares on the premium board at N363 per share.

The News Agency of Nigeria (NAN) reports that Airtel Africa traded 100,110 shares valued at N37. 97 million to close trading after listing at N399.30 per share.

NAN reports that the stock appreciated by N36.30 per share or 10 per cent on the first day of listing.

The listing of the telecommunications firm’s shares after MTN Nigeria Communications in May boosted NSE market capitalisation by N1.364 trillion.

The listing on the NSE is coming after its London Stock Exchange (LSE) listing at an offer price of 80 pence per ordinary share.

The listing is expected to deepen the telecoms and technology sector for investors and provide an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.

The Chief Executive Officer of Network Capital Limited, Oluropo Dada, said that the listing of Airtel Africa would further boost liquidity, increase market capitalisation and enhance confidence of stakeholders, including foreign investors in the market.

Mr Dada said other multinationals should emulate Airtel Africa to list on the exchange to increase tradable products.

Specifically, the market capitalisation increased by N1.38 trillion or 10.68 per cent to close at N14.288 trillion against N12.909 trillion recorded on Monday.

Also, the NSE All-Share Index appreciated by 30.15 points or 1.03 per cent to close at 29,318.02 from 29,287.87 achieved on Monday.

Cadbury led the price gainers’ table, appreciating by 50k to close at N11.95 per share.

Nigerian Breweries also garnered 50k to close at N60.50, while Dangote Flour rose by 30k to close at N17.40 per share.

Cement Company of Northern Nigeria (CCNN) rose by 10k to close at N15.35, while Stanbic IBTC advanced by 5k to close at N40.30 per share.

Conversely, Dangote Cement Industry topped the price losers’ chart, depreciating by N2.30 to close at N174.70 per share.

Conoil trailed with a loss of N1.65 to close at N22.15, while Forte Oil dipped by N1.30 to close at N23 per share.

Dangote Sugar Refinery was down by 95k to close at N10.55, while Ecobank Transnational Incorporated declined by 90k to close at N9.50 per share.

A breakdown of the activity chart indicates that investors traded 294.62 million shares valued at N3.22 billion in 4,033 deals.

This was in contrast with a turnover of 216.29 million shares worth N2.27 billion exchanged in 3,206 deals on Monday.

Cornerstone Insurance was the toast of investors, trading 80.12 million shares worth N16.03 million.

Zenith Bank followed with 48.52 million shares valued at N922.84 million, while Guaranty Trust Bank traded 29.77 million shares worth N840.85 million.

Transcorp exchanged 17.55 million shares valued at N18.12 million, while FBN Holdings sold 16.91 million shares worth N104.59 million.