Airtel Africa Lifts Nigerian Bourse

Bharti Airtel settles Tanzania Government
People walk past an advertisement for mobile- telecommunications service provider ‘Airtel’ on May 20, 2011 in the Kenyan capital, Nairobi. India will seek to expand its economic footprint in Africa, where its rival China has made major inroads, at the second India-Africa summit next week in Addis Ababa. India’s Bharti Airtel — the world’s fifth largest mobile phone company — acquired the 16-African country unit of Kuwaiti telecom firm, Zain at a cost of $10.7 billion in 2010 when India’s imports from Africa were worth $20.7 billion and its exports stood at $10.3 the same year even though China’s trade with Africa remains far heftier. AFP PHOTO/Tony KARUMBA (Photo by TONY KARUMBA / AFP)

Investors took positions in Airtel Africa’s stock on Wednesday, pushing Nigeria’s bourse capitalisation up by N417 billion.

Market capitalization, which opened at $24.059 trillion rose by N417 billion or 1.73 per cent to close at $24.476 trillion.

The All-Share Index gained 774.25 points or 1.73 per cent to close at 45,430.14 from 44,655.89 posted on Tuesday.

Market gains were mainly driven by large and medium capitalised stocks, including Airtel Africa, Seplat Energy, Union Bank of Nigeria, Zenith Bank, and Nem Insurance.

However, the market closed negative with 17 losers compared with 16 gainers.

The share price of Airtel Africa closed at N1,155.50 per share, a 10 per cent gain in percentage terms.

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Cornerstone Insurance followed with six per cent to close at 53k, while Courteville Business Solutions increased by 5.26 per cent to close at 40k per share.

UBN gained 4.46 per cent to close at N5.85, while Seplat Energy gained 4.36 per cent to close at N720.10 per share.

The losers’ chart was headed by FTN Cocoa processors, which fell 7.69 per cent at 36k per share.

With 7.25 per cent, Consolidated Hallmark Insurance closed at 64k, while Regency Alliance Insurance declined by 6.67 per cent to close at 42k.

Japan Gold and Ventures dropped 4.76 per cent to close at 40k, while Jaiz Bank fell 4.55 per cent to close at 63k.

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Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 25.46 million shares valued at N649.36 million.

Dangote Cement followed with 24.453 million shares worth N6.481 billion, while FBN Holdings traded 23.09 million shares valued at N277.15 million.

The FCMB Group transacted 12.93 million shares worth N38.79 million, while Fidelity Bank traded 21.14 million shares worth N57.16 million.

The total volume of transactions increased by 7.5% to 252,94 million units worth N8.93 billion in 4,218 deals.

There were 4,151 trades totalling 235.23 million shares worth N1.92 billion on Tuesday. 


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