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HomeBusinessProfit taking on MTN, Cadbury drag down Nigeria's equity market

Profit taking on MTN, Cadbury drag down Nigeria’s equity market

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By Ifeyinwa Ezeokoli 

 

The domestic stock market on Thursday ended its four-day winning streak with N34 billion loss as investors sold off MTN Nigeria Communications (MTNN) Plc and nine other shares to book profits from the previous gains.

In summary, the All-Share Index (ASI) declined by 61.35 representing a drop of 0.13 percent to closed at 48,365.14 points. 

Accordingly, the month-to-date and year-to-date gains moderated to 1.5 percent and 13.2 percent, respectively.

Similarly, the market cap of equities listed on the NGX decreased to N26.343 trillion from N26.377 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), Cadbury Nigeria, Capital Hotels, Honeywell Flour Mills and FBN Holdings. 

However, investor sentiment as measured by market breadth closed positive with 15 gainers while 10 losers. 

Chams recorded the highest price gain of 9.09 percent to close at 24k per share.

R.T. Briscoe Nigeria followed with a gain 7.69 percent to close at 28 kobo, while PZ Cussons Nigeria went up by 5.50 percent to close at N11.50 per share. 

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Livestock Feeds rose by 4.50 percent to close at N1.16, while Ecobank Transnational Incorporated (ETI) gained 2.86 percent to close at N10.80 per share. 

On the other hand, Capital Hotel led the losers’ chart by 9.80 percent to close at N2.76 per share. 

Honeywell Flour Mills followed with a decline of 9.09 percent to close at N2.20, while Wapic Insurance lost 8.11 percent to close at 34k per share. 

Associated Bus Company lost 7.41 percent to close at 25k, while Cadbury Nigeria shed 4.46 percent to close at N10.70 per share.

The total volume traded increased by 1.3 percent to 148.16 million units, valued at N2.98 billion and exchanged in 3,391 deals.  

Transactions in the shares of ETI topped the activity chart with 26.36 million shares valued at N281.87 million. 

FBNH followed with 25.79 million shares worth N278.47 million, while Transcorp traded 12.89 million shares valued at N14.79 million.

Access Holdings traded 9.610 million shares valued at N81.68 million, while Sterling Bank transacted 9.21 million shares worth N12.65 million.

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