Airtel, Dangote Sugar, GTBank Bolster Stock Exchange on Wednesday
The Nigerian Stock Exchange (NSE) halted bearish trend on Wednesday as stocks of Airtel Africa, Dangote Sugar and GTBank bolstered the exchange.
The market capitalisation of listed stocks rose by N8 billion to N12.588 trillion, up from N12.580 trillion it closed on Tuesday.
The NSE All-Share Index expanded by 0.06 percent from 24,114.59 basis points to 24,130.26 bps.
Investors traded 208.209 million shares worth N1.762 billion in 3,648 transactions during the trading hours of Wednesday. See the details below.
Top Trades by Volume
Tesla Stock Rises, Elon Musk Now $12bn Richer
Shares of electric vehicle maker Tesla went up by more than 5% on Monday, making the billionaire Tesla Chief Executive Officer about $12 billion richer.
This came after Musk encouraged employees to reduce the costs of delivery, also amid reports that the automobile company will be kicking off production at its Gigafactory located in Germany within the next few days.
The Tesla stock has been on the move recently, and on Monday it went up by more than 5% to now sit at about $1,137 per share. The automobile company’s shares are depending on the news that the company will begin production at its first factory situated in Europe. The operation of the factory in Germany is a major leap for the company, as it aims to ramp up its production capacity.
A German automobile news site reported that Tesla’s new manufacturing facility in the country is anticipated to be given environmental permits, and will therefore begin production within the next few days.
In the initial plans, production should have begun in the summer of 2021 but construction of the factory was had been held back due to staunch opposition from environmental activists who did not agree with the construction of another factory.
Another reason for the rise in Tesla stock is a memo that CEO Elon Musk sent out to the company employees, where he encouraged them to place their focus on minimizing the cost of deliveries rather than rushing out the orders just to meet sales targets.
The rise in Tesla’s stock on Monday has seen the company’s CEO Elon Musk’s fortune go up by over $12 billion. According to Forbes’ estimates, the billionaire CEO’s net worth has now risen to $295 billion. The richest man in the world saw his worth rise by approximately $12.8 billion.
This year, Tesla’s stock has risen a total of 56% and the automobile company has a market valuation of about $1.14 trillion.
NGX Opens the Week in Red
The Nigerian Exchange Limited (NGX) All-Share Index open the new week in the red as 21 stocks lost points against 14 stocks that gained.
Investors exchanged 213,126,324 shares worth N2.359 billion in 4,105 transactions during the trading hours of Monday. NGX All-Share index depreciated by 0.09 percent to 43,270.94 index points while the market value of all listed equities dipped to N22.5 trillion.
Sectorial performance showed, the NGX Banking Index lost 18bps on FIDELITYBK (-1.57%), UBA (-1.23%) and ZENITHBANK (-0.62%). Gainers were UNITYBNK (+1.92%), ACCESS (+1.11%) and UBN (+1.04%).
The NGX Consumer Goods Index closed down 23bps on INTBREW (-4.00%), PZ (-1.64%), and FLOURMILL (-0.34%). Gainers were VITAFOAM (+1.86%) and HONYFLOUR (+1.01%).
The NGX Oil and Gas Index lost 56bps on OANDO (-2.78%) and the NGX Industrial index closed flat. See other details below.
|AIICO||N 0.70||N 0.76||0.06||8.57 %|
|LIVINGTRUST||N 0.88||N 0.95||0.07||7.95 %|
|VERITASKAP||N 0.21||N 0.22||0.01||4.76 %|
|ABCTRANS||N 0.33||N 0.34||0.01||3.03 %|
|COURTVILLE||N 0.39||N 0.40||0.01||2.56 %|
|UPDC||N 1.31||N 1.18||-0.13||-9.92 %|
|UPDCREIT||N 5.05||N 4.55||-0.50||-9.90 %|
|CHIPLC||N 0.55||N 0.51||-0.04||-7.27 %|
|REGALINS||N 0.42||N 0.40||-0.02||-4.76 %|
|WAPIC||N 0.50||N 0.48||-0.02||-4.00 %|
Nigerian Stock Market Continues to Decline
Nigerian equities market declined for a third consecutive day on Thursday as 24 stocks closed in the red against 14 stocks that gain.
Investors traded 266,115,101 shares worth N4.216 billion during the trading hours of Thursday, against 243,185,049 shares valued at N3.747 billion that were transacted in 3,777 deals on Wednesday.
Market value dipped by N71 billion to N22.494 trillion, down from N22.565 trillion recorded on Wednesday. The Nigerian Exchange Limited All-Share Index lost 0.32 percent to 43,108.77 index points.
Sectorial analysis showed the banking industry closed in the red after losing 116 basis points on the back of a broad decline in ETI, Unity Bank and Union Bank of Nigeria Plc. Jaiz Bank and Fidelity Bank recorded gains.
Also, the consumer industry lost 106 basis points on a decline in Nigerian Breweries, Interbrew and Cadbury. Honeywell Flour led gainers with +9.76 percent.
Oil and gas and industrial industries shed 164 basis points and 1 basis point respectively. The Exchange year-to-date return depreciated by 7.05 percent.
|HONYFLOUR||N 3.69||N 4.05||0.36||9.76 %|
|AIICO||N 0.59||N 0.64||0.05||8.47 %|
|REGALINS||N 0.36||N 0.39||0.03||8.33 %|
|UPL||N 2.50||N 2.70||0.20||8.00 %|
|IKEJAHOTEL||N 1.25||N 1.35||0.10||8.00 %|
|MRS||N 15.20||N 13.70||-1.50||-9.87 %|
|CHAMS||N 0.23||N 0.21||-0.02||-8.70 %|
|ETI||N 8.75||N 8.00||-0.75||-8.57 %|
|CHIPLC||N 0.62||N 0.57||-0.05||-8.06 %|
|UNITYBNK||N 0.55||N 0.51||-0.04||-7.27 %|
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