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HomeBusinessNigerian equities take pause after 4-day rally; MTN Nigeria selloff drags market

Nigerian equities take pause after 4-day rally; MTN Nigeria selloff drags market

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By Samuel Bankole

Nigerian equities took a breather on Thursday, putting an end to a four-day rally, as investors seized the opportunity to lock in profits from the recent gains, leading to a marginal decline in the main market index of 0.14 percent at the close of the trading session.

The benchmark All Share Index (ASI) edged down by 0.14 percent, settling at 65,401.82 points. Simultaneously, the overall market capitalization of listed equities on the Nigerian Exchange Group (NGX) witnessed a decrease of N49.80 billion, closing at N35.79 trillion.

Prominent telecommunications company MTN Nigeria experienced selloffs, contributing to a 0.18 percent drop in its share prices. Similarly, Zenith Bank saw a decline of 1.20 percent in its shares, while Access Corporation shares experienced a more significant decline, shedding 3.27 percent.

Despite the downtrend in heavyweight stocks, the market managed to display pockets of resilience, with gains observed in GTBank’s holding company (GTCO) shares rising by 0.56 percent, Nigerian Breweries recording a rise of 1.88 percent, and Dangote Sugar witnessing a substantial 10.00 percent gain.

The current trajectory suggests that the market is poised to conclude the week with an overall gain. Consequently, the year-to-date (YTD) return has now reached 27.61 percent, and the YTD market capitalization growth stands at 28.23 percent.

Trading volume closed at approximately 583.088 million units, valued at N12.90 billion, having taken place across 6,968 deals. The market breadth, however, painted a negative picture, with 19 gainers pitted against 39 losers.

READ ALSO: Dangote Industries clinches 6th consecutive title as Nigeria’s Most Valuable Brand

The NGX 30 Index, a reflection of market performance, made a marginal uptick of 0.04 percent, culminating at 2,401.96 points, slightly higher than the previous closing figure of 2,400.97 points.

A meticulous analysis of today’s market activities demonstrates heightened trade turnover when compared to the preceding session, with transaction values surging by an impressive 218.74 percent.

The trading session witnessed a total exchange of 583.09 million shares, carrying a value of N12.90 billion across 6,968 deals. Leading the volume chart was Transcorp, which recorded a remarkable 10.00 percent surge with 144.49 million units traded.

On the other hand, MTN Nigeria topped the value chart despite a decline of 0.18 percent, with deals amounting to N6.16 billion.

Market breadth concluded negatively, maintaining a ratio of 2.42-to-1 in favor of declining issues over advancing ones.

FTNCOCOA led the laggards list with a significant drop of 9.95 percent, while DANGSUGAR emerged as a standout performer with a notable gain of 10.00 percent, leading eleven others on the leader’s table.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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