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HomeBusinessEquity market cap drops N86 bln on profit-taking on MTN, 18 other...

Equity market cap drops N86 bln on profit-taking on MTN, 18 other firms

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By Ifeyinwa Ezeokoli 

The domestic stock market on Tuesday ended its five-day winning streak as market capitalisation declined by N86 billion amid profiting-taking activities in the shares of Nigeria Communications (MTNN) and 18 others.

The market capitalisation declined by N86 billion to close at N27.928 trillion compared with N28.014 trillion it closed the previous trading day.

Also, the All-Share Index (ASI) decreased by 158.87 points, representing a dip of 0.31 per cent to close at 51,803.98 points.

Accordingly, the month-to-date loss increased to 2.2 per share, while the year-to-date return moderated to 21.3 per share.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTNN, Nigerian Exchange Group (NGXGroup), University Press, PZ Cussons Nigeria and Oando.

Analysts at GTI Securities Limited said that “The equity market closed trading activities for yesterday bearish, as profit-taking was seen across the major market sector, excluding the Consumer goods sector, which grew by 0.29 per cent. However, we expect bargain hunting to persist throughout the week.”

Also, market breadth closed negative with 19 losers versus 10 gainers.

University Press led the losers’ chart in percentage terms by 9.72 per cent to close at N2.60 per share.

NGXGroup followed with a decline of 26.71 per cent to close at N22.85, while Caverton Offshore Support Group went down by 4.76 to close at N1 per share.

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Livestock Feeds lost 3.57 per cent to close at N1.35, while Fidelity Bank shed 3.53 per cent to close at N3.28 per share.

Conversely, Sovereign Trust Insurance led the gainers’ chart in percentage terms by eight per cent to close at 27k.

Cham followed with a gain of 4.17 per cent to close at 25k per share.

Regency Alliance Insurance went up by 3.85 per cent to close at 27k per share.

Okomu Oil and Ecobank Transnational Incorporated (ETI) appreciated by 3.29 per cent each to close at N216.90 and 11 per share, respectively.

However, the total volume traded rose by 18.05 per cent with an exchange of 14.61 million shares worth N12.85 billion traded in 4,708 deals.

Transactions in the shares of LivingTrust Mortgage Bank topped the activity chart with 100 million shares valued at N120 million.

MTNN followed with 42.90 million shares worth N9.868 billion, while FBN Holdings (FBNH) traded 19.83 million shares valued at N219.08 million.

United Bank for Africa (UBA) traded 16.12 million shares valued at N119.99 million, while Zenith Bank transacted 16.09 million shares worth N348.85 million.

On the money market, the interbank lending rate was unchanged as the Overnight (O/N) rate closed at 14.00 per cent, the same rate it closed the previous day.

The Open Repo (OPR), however, increased by 0.25 per cent to close at 14.00 per cent as against the last close of 13.75 per cent.

At the I&E forex market, the Naira depreciated by 0.12 per cent as the dollar was quoted at N421.50 against the last close of N421.00.

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