NGX market value rises by ₦1.64tn as Airtel rally lifts equities and Ellah Lakes lists new shares

Nigeria’s stock market gained ₦1.64 trillion on Tuesday, driven largely by a surge in Airtel Africa shares and the additional listing of shares by Ellah Lakes following its debt-to-equity conversion programme.

Data from the Nigerian Exchange (NGX) showed that the market capitalisation climbed by ₦1.64 trillion, while the benchmark All-Share Index (ASI) advanced by 1.06 per cent amid sustained investor appetite for medium and large-cap stocks.

The market capitalisation rose by 1.07 per cent to close at ₦154.48 trillion, while the All-Share Index gained 2,524 basis points to settle at 240,743.19.

Market activity was also influenced by the additional listing of 2.25 billion ordinary shares of 50 kobo each by Ellah Lakes Plc. The new shares arose from the conversion of the company's ₦6.31 billion debt into equity at ₦2.80 per share.

Investor sentiment remained positive, underpinned by expectations of stronger corporate earnings and increased buying interest in heavyweight stocks.

Telecommunications giant Airtel Africa accounted for a significant portion of the market gains, alongside strong demand for GTCO, Access Holdings, First HoldCo, Lafarge Africa and Zenith Bank.

Trading activity improved during the session, with both volume and value recording gains. Total trading volume increased by 18.72 per cent, while the value of transactions rose by 7.82 per cent.

A total of 564.91 million shares worth ₦39.35 billion were exchanged in 49,230 deals.

Fidelity Bank led the volume chart, accounting for 10.54 per cent of total shares traded, followed by Zenith Bank with 8.80 per cent, Dangote Sugar Refinery with 7.66 per cent, Chams with 7.02 per cent and Access Holdings with 5.45 per cent.

By value, MTN Nigeria emerged as the most actively traded stock, accounting for 20.42 per cent of total market turnover.

Guinea Insurance and Airtel Africa topped the gainers' table, each rising by 10 per cent. They were followed by International Energy Insurance, up 9.89 per cent, Tripple Gee & Company, which gained 9.82 per cent, Cornerstone Insurance, up 9.76 per cent, McNichols, which rose 9.40 per cent, and Sovereign Trust Insurance, which appreciated by 8.63 per cent, alongside 26 other advancing stocks.

On the losing side, 22 equities closed lower. Red Star Express recorded the steepest decline, shedding 9.96 per cent, followed by Premier Paints at 9.93 per cent, Trans-Nationwide Express at 9.82 per cent, Royal Exchange at 9.38 per cent, Abbey Mortgage Bank at 9.29 per cent and Universal Insurance at 6.48 per cent.

Market breadth remained positive, with 33 gainers against 22 losers.

Sectoral performance was largely upbeat, with four of the five major indices ending in positive territory. The insurance sector led the gains with a 2.84 per cent increase, followed by consumer goods and banking, both up 0.18 per cent, while industrial goods rose 0.07 per cent.

The oil and gas sector was the only laggard, declining by 0.09 per cent.