Sell-offs in Airtel, WAPCO halt NGX winning streak, as All Share index loses 0.53%



Uba Group

The domestic bourse ended its five-day winning streak in Wednesday as the benchmark index shed 0.53 percent to close at 55,508.61 points.

Selloffs in telco heavyweight, AIRTELAFRI (-5.25%) as well as WAPCO (-1.46%) underpinned the market’s weak performance despite gains in BUAFOODS (+5.56%), ZENITHBANK (+0.57%) and GTCO (+0.94%). As a result, the year-to-date (YTD) return fell to 8.31 percent, while market capitalization lost N162.15bn to close at N30.24trn.

Analysis of Wednesday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 49.77 percent.

A total of 565.82m shares valued at N6.58bn were exchanged in 4,340 deals.

TRANSCORP (+2.99%) led the volume chart with 47.89m units traded while GTCO (+0.94%) led the value chart in deals worth N1.26bn.

Market breadth closed positive at a 2.40-to-1 ratio with advancing issues outnumbering declining ones.

ARDOVA (+9.76%) topped twenty-three (23) others on the leader’s log while ETI (-7.69%) led nine (9) others on the laggard’s table.