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Losses in MTN, Geregu Power drag down stock market index

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By Ifeyinwa Ezeokoli 

 

Bearish sentiments persisted in the Nigerian equities market, as profit-taking activities in Geregu (-5.9 percent) and MTNN (-0.4 percent) caused a 0.02 percent decline in the benchmark index. 

Thus, the All-Share Index lost 12.90 points, representing a dip of 0.02 percent to close at 52,599.65. 

Consequently, the year-to-date return moderated to +2.6 percent.

Similarly, the market capitalisation lost N7 billion to close at N28.650 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Geregu Power, MTN Nigeria Communications (MTNN), Nigerian Exchange Group (NGXGroup), Cadbury Nigeria and United Bank for Africa (UBA).

On market outlook, analysts at GTI Securities Limited said “we expect positive sentiment to be sustained as investors lean towards financial stocks and other defensive stocks.”

However, market breadth, which is measure by market sentiment was positive with 21 gainers in relative to 16 losers. 

Thomas Wyatt Nigeria led the losers’ chart in percentage terms by 9.66 percent to close at N1.31 per share.

READ ALSO: NGX records N4.3 trln listings in equities, fixed income in 2023

Cornerstone Insurance followed with 6.90 per cent to close at 54k, while Geregu Power went down by 5.90 to close at N134 per share. 

Honeywell Flour Mills lost 5.15 percent to close at N2.21, while Computer Warehouse Group (CWG) shed 4.26 per cent to close at 90k per share.

On other hand, Chellaram, R.T. Briscoe Nigeria and Tripple Gee & Company led the gainers’ chart in percentage terms by 10 percent each to close at N1.65, 33k and 88k per share. 

Okomu Oil trailed with 9.76 per cent to close at N181.10, while Caverton Offshore Support Group appreciated  by 8.42 per cent to close at N1.03 per share.

The total volume traded declined by 34.3 percent to 119.844 million units, valued at N2.690 billion, and exchanged in 3,552 deals. 

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 11.26 million shares valued at N3.87 million. 

Transcorp came second with 8.752 million shares worth N10.61 million, while Geregu Power traded 8.54 million shares valued at N1.14 billion.

FBN Holdings transacted 7.69 million shares worth N89.816 million, while Guaranty Trust Holding Company traded 6.71 million shares valued at N161.99 million.

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