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HomeBusinessLosses in MTN Nigeria share and others drag equity market down

Losses in MTN Nigeria share and others drag equity market down

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By Ifeyinwa Ezeokoli 


Bearish sentiments returned to the Nigerian equities market on Tuesday following profit-taking in MTN Nigeria which undermined market performance. 

Thus, the NGX ASI dipped by 45.54 points or 0.09 percent to close at 48,853.54 points.

Consequently, the month-to-date and year-to-date gains moderated to 2.5 percent and 14.4 percent, respectively.

The market cap of equities listed on the NGX decreased to N26.609 trillion from N26.634 trillion as on the previous close.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Chemical Allied Products (CAP), Stanbic IBTC Holdings, Africa Prudential and Union Bank of Nigeria (UBN).

Investor sentiment as measured by market breadth closed negative with 13 stocks advanced while 16 declined.

SCOA led the losers’ chart in percentage terms by 9.30 percent to close at 78k per share. 

Chams followed with 8.70 percent to close at 21k, while Jaiz Bank lost 8.42 percent to close at 87k per share. 

Lasaco Assurance lost 6.67 percent to close at 84k, while University Press shed 5.46 percent to close at N1.73 per share.

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Conversely, Smart Products led the gainers’ chart in percentage terms by 10 percent to close at 22k per share. 

Cornerstone Insurance followed with 8.70 percent to close at 50k, while BUA Cement went up by 3.60 percent to close at N95 per share. 

FTN Cocoa processors rose by 3.23 percent to close at 32k, while Zenith Bank gained 2.45 percent to close at N23 per share. 

Meanwhile, the total volume of trades declined by 31.11 percent to 162.98 million units valued at N3.8 billion exchanged in 3,286 deals. 

Transactions in the shares of Sterling Bank topped the activity chart with 31.61 million shares valued at N43.03 million. 

Guaranty Trust Holding Company (GTCO) followed with 19.21 million shares worth N403.288 million, while Chams traded 16.43 million shares valued at N3.51 million.

Zenith Bank traded 14.19 million shares valued at N323.62 million, while MTNN transacted 12.45 million shares worth N2.59 billion.

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