Stock Market Down N135.13bn on Profit-taking in MTN, 28 Others
Kayode Tokede
The Nigerian stock market yesterday recorded its third consecutive loss, as sell pressure on MTN Nigeria Communications (MTNN) and 28 others dragged the market capitalisation down by N135.13 billion.
The Nigerian Exchange Limited All Share Index (NGX ASI) depreciated by 213.50 basis points or 0.15 per cent to close at 140,716.10 basis points from 140,929.60 basis points with the Month-to-Date and Year-to-Date returns settled lower at +0.3per cent and +36.7per cent, respectively.
Consequently, the market capitalization lost N135.13 billion to close at N89.063 trillion from N89.199 trillion it closed for trading the previous day.
Sectoral performance was mixed as the NGX Insurance Index (-0.3 per cent) and NGX Oil & Gas Index (-0.1 per cent) while the NGX Banking index (+1.3 per cent), NGX Consumer Goods Index (+0.6 per cent), and NGX Industrial Goods index (+0.3 per cent) advanced.
Investor sentiment was predominantly bearish, as 29 stocks declined while 23 gained. Dangote Sugar Refinery recorded the highest price gain of 10 per cent to close at N59.40, while MeCure Industries followed with a gain of 9.95 per cent to close at N23.75, per share.
Cornerstone Insurance and Secure Electronic Technology rose by 8.80 per cent each to close at N6.48 and 81 kobo respectively, UPDC Real Estate Investment Trust increased by 5.00 per cent to close at N7.35, per share.
On the other hand, Deap Capital Management & Trust led the losers’ chart by 9.42 per cent to close at N1.73, per share. Legend Internet followed with a decline of 9.26 per cent to close at N4.90, while Wapic Insurance declined by 8.75 per cent to close at N2.92, per share.
RT Briscoe Nigeria depreciated by 8.16 per cent to close at N3.60, while May & Baker Nigeria declined by 7.14 per cent to close at N16.25, per share.
Also, the total volume traded declined by 41.70 per cent to 442.558 billion units, valued at N16.971 billion, and exchanged in 21,684 deals. Transactions in the shares of Zenith Bank topped the activity chart with 68.995 million shares valued at N4.757 billion. Access Holdings followed with 47.306 million shares worth N1.176 billion, while First Holdco traded 46.109 million shares valued at N1.423 billion.
Fidelity Bank traded 42.325 million shares valued at N868.023 million, while Guaranty Trust Holding Company (GTCO) sold 22.879 million shares worth N2.077 billion.
On market outlook, Afrinvest Limited said, “we expect trading session to retain a bearish tilt, as the fixed income-equity asset trade-off (following the MPR rate cut) appears less compelling to give the bulls an edge, in light of prevailing risk factors.”
