Stock Market Down N98bn onSell-off in MTN, Zenith Bank, 31 Others

Stock Market Down N98bn onSell-off in MTN, Zenith Bank, 31 Others

Kayode Tokede

Investors’ profit-taking in MTN Nigeria, Zenith Bank Plc, 31 other stocks down the Nigerian Exchange Limited (NGX) by N98billion.

The overall market capitalisation value yesterday lost N98 billion to close at N25.289 trillion from N25.387trillion it opened for trading.

Consequently, the NGX All-Share Index declined by 180.5 basis points or 0.38 per cent, to close at 46,930.66 basis points from 47,111.21 basis points.

Sector performances were relatively mixed yesterday with the Banking (-1.39per cent) and Industrial (-0.17per cent) sectors closing southwards, while the Oil and Gas (+0.62per cent) sector closed positive and the Consumer Goods sector closed flat.

As gathered by THISDAY, Zenith Bank yesterday dropped by 3.11 per cent to close at 26.50, while UBA depreciated by 3.41 per cent to close at N8.50 per share. MTN Nigeria also down by 1.23 per cent to N200 as GTCO dropped by 1.07 per cent to close at N27.70 per share.

As measured by market breadth, market sentiment was negative as 33 stocks lost relative to 21 gainers. Ikeja Hotel recorded the highest price gain of 10 per cent to close at N1.43, per share. Conoil followed with a gain of 9.96 per cent to close at N26.50, while Academy Press up by 9.71 per cent to close at N1.13, per share.

R.T. Briscoe Nigeria rose by 8.33 per cent to close at 26 kobo, while Linkage Assurance gained 6.52 per cent to close at 49 kobo, per share.

On the other hand, Associated Bus Company led the losers’ chart by 8.33 per cent to close at 33 kobo, per share. Courteville Business Solutions followed with a decline of 6.90 per cent to close at 54 kobo, while Caverton Offshore Support Group lost 6.17 per cent to close at N1.52, per share.

May & Baker Nigeria declined 5.95 per cent to close at N4.27, while FTN Cocoa Processors shed 5.26 per cent to close at 36 kobo, per share.

However, the total volume traded increased by 27.36 per cent to 434.946 million units, valued at N6.260 billion, and exchanged in 5,878 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 47.738 million shares valued at N136.724 million. Transnational Corporation of Nigeria (Transcorp) followed with 35.585 million shares worth N40.869 million, while Courteville Business Solutions traded 32.456 million shares valued at N17.749 million.

Zenith Bank traded 30.055 million shares valued at N799.515 million, while GTCO transacted 24.625 million shares worth N680.806 million.

According to analysts at InvestmentOne research: “The equities market closed in the negative zone due to the losses printed in the Banking and Industrial sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

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