Stock Market Down N1.4trn on Profit-taking in MTN, 22 Others 

Kayode Tokede

The Nigerian stock market opened the week on a negative  yesterday note as investors’ investment declined by N1.4 trillion on profit in MTN Nigeria Communications Plc and 22 others.

The Nigerian Exchange Limited All-Share Index (NGX ASI) depreciated by 2,142.84 basis points or 1.07 per cent to close at 199,014.02 basis  points. 

Also, market capitalisation shed N1.4 trillion to close at N127.750 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Guaranty Trust Holding Company (GTCO), Nigerian Breweries, Zenith Bank and Wema Bank.

Despite the index decline, market breadth remained positive, as 43 stocks advanced, while 23 declined. Presco emerged the highest price gainer of 10 per cent to close at N1, 871.20, per share. 

 Zichis Agro Allied Industries followed with a gain of 9.91 per cent to close at N9.43, while John Holt rose by 9.70 per cent to close at N13.00, per share.

Premier Paints increased by 9.62 per cent to close at N25.65, while Fortis Global Insurance advanced by 9.45 per cent to close at N1.39, per share.

On the other side, Consolidated Hallmark Holdings led others on the losers’ chart with 9.64 per cent to close at N4.50, per share. DEAP Capital Management & Trust followed with a decline of 8.37 per cent to close at N5.91, while GTCO shed 8.18 per cent to close at N105.00, per share.

International Energy Insurance lost 7.67 per cent to close at N2.77, while Nigerian Breweries depreciated by 7.28 per cent to close at N70.00, per share.

Also, the total volume traded depreciated by 86 per cent to 848.836 million units, valued at N53.343 billion, and exchanged in 139,458 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 114.168 million shares worth N5.541 billion. Wema Bank followed with account of 111.951 million shares valued at N2.917 billion, while Access Holdings traded 54.754 million shares valued at N1.423 billion.

Zenith Bank traded 38.172 million shares worth N4.081 billion, while Zichis Agro Allied Industries traded 32.209 million shares worth N272.601 million.

On market’s performance, Imperial Asset Managers Limited said, “the market opened the week on a negative note primarily due to profit-taking in banking stocks after the recent rally. However, the positive market breadth indicates that investor sentiment remains cautiously optimistic.

“Looking ahead, the market may trade mixed in the near term as investors continue portfolio rebalancing, with sustained interest expected in fundamentally sound banking, industrial, and dividend-paying stocks, while profit-taking may persist in recently rallied counters.”