Stock Market Drops by N1.35trn on Profit-taking in MTN, Others
Kayode Tokede
Nigeria’s stock market, yesterday dropped by N1.35 trillion in value as investors exited MTN Nigeria Communications Plc and 25 others that triggered a broad sell-off across key sectors.
As MTN Nigeria depreciated by 8.7 per cent, Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 2,098.31 basis points or 0.86 per cent to close at 241,750.15 basis points as
the Month-to-Date and Year-to-Date returns moderated to -0.2per cent and +55.4per cent, respectively. Also, market capitalisation dipped by N1.35 trillion to close at N155.152 trillion.
Despite the downturn, market breadth remained positive, with 45 gainers outpacing 26 decliners. RT Briscoe Nigeria emerged the highest price gainer of 10 per cent to close at N2.09, per share. McNichols, R.T. Briscoe, Vitafoam Nigeria and Zichis Agro Allied Industries followed with a gain of 10 per cent each to close at N7.92, N12,87, N170.50 and N25.08 respectively, per share.
Chemical and Allied Products (CAP) appreciated by 9.99 per cent to close at N175.65, while Dangote Sugar Refinery advanced by 9.98 per cent to close at N84.30, per share.
On the other side, Guinness Nigeria led others on the losers’ chart with 10 per cent to close at N447.30, per share. Union Dicon Salt followed with a decline of 9.82 per cent to close at N19.75, while AIICO Insurance declined by 9.28 per cent to close at N4.30, per share.
Wema Bank lost 8.72 per cent to close at N30.35, while MTNN depreciated by 8.63 per cent to close at N836.00, per share.
Meanwhile, the total volume of trades rose by 31.09 per cent to 1.268 billion units, valued at N75.226 billion, and exchanged in 102,665 deals. Transactions in the shares of FCMB Group led the activity with 160.591 million shares worth N1.770 billion. Guaranty Trust Holding Company (GTCO) followed with a volume of 94.095 million shares valued at N13.091 billion, while Access Holdings traded 81.771 million shares valued at N2.072 billion.
Zenith Bank traded 63.059 million shares worth N8.073 billion, while Fidelity Bank traded 48.405 million shares worth N911.829 million.
Looking ahead Cowry Assets Management Limited said, the market is expected to trade cautiously, driven by continued investor positioning.
