Stock market appreciate as Airtel lists N1.36trn shares

Market capitalisation of the listed equities yesterday increased by N1.379 trillion.

The market appreciated by 10.68 per cent to N14.288 trillion from N12.909 trillion traded on Monday following Airtel listing in the market.

The Nigerian Stock Exchange All Share Index also appreciated by 30.15 basis points to 29318.02 points from 29287.87 reported on Monday.

The NSE market capitalisation appreciated following the cross broader secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc at the Exchange. The company shares added N1.36 trillion to the market capitalisation and further deepened the Nigeria capital market. The company shares were listed at an offer price of N363 per ordinary share on main board of the NSE and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary market.

The listing according to the NSE will help to increase the visibility of Airtel Africa to investors on the continent and across the globe.

Meanwhile, investors duing the day traded 294.623 million shares valued at N3.218 billion in 4033 deals against 216.288 million shares worth N2.270 billion in 3206 deals

A review of trading activities for the day showed that Cadbury Nigeria Plc led gainers table, appreciating by N0.50 kobo to close at N11.95 kobo, Nigerian Breweries followed with a gain of N0.50 kobo to close at N60.50 kobo, Dangote Flour Mills Nigeria Plc gained N0.30 kobo to close at N17.40 kobo, Cement Company of Northern Nigeria (CCNN) added N0.10 kobo to close at N15.35 kobo while Stanbic IBTC advanced by N0.05 kobo to close at N40.30 kobo.

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