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Airtel Africa half-year results drove sentiments on telcos leading to a rebound on NSE trades on Thursday
Investors are often inclined to pull out of a market with the slightest insecurity as the Nigerian Stock Exchange, NSE saw a 0.75% loss on Wednesday due to the End SARS protest within the week.
However, the market rebounded on Thursday gaining N59 billion, mostly driven by the interest in MTN Nigeria and Stanbic Bank. Airtel Africa half-year results which were released yesterday could have driven the sentiments on its contender telecom MTN.
All share index rebounded by 0.40% to N28.56 million from N28.44 million and equity cap was at N14.929 trillion. Volume was lower by about 4% but value traded increased by about 30% to N4.69 billion all traded in 3,375 deals.
By sector, only the industrial goods performed well as it went by 0.15% due to gains from Lafarge.
In reacting to what’s been happening in the country – End SARS protest and insecurity – investors are withdrawing from trading grounds.
While the results from Airtel is encouraging for some investors, hopefully, the president’s speech will also drive more stability across all sectors in the country.
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