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HomeBusinessProfit-taking on MTN, other bellwether stock sinks local bourse by 0.64%

Profit-taking on MTN, other bellwether stock sinks local bourse by 0.64%

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By Ifeyinwa Ezeokoli 
Profit-taking activities continued on the domestic equities market on Wednesday with bellwether stock MTN Nigeria Communications (MTNN) and 25 others weighing down the bourse. 
Thus, the All-Share Index (ASI) decreased by 338.24 points, representing a dip of 0.64 per cent to close at 52,775.40 points. 
Accordingly, the month-to-date loss settled at -0.4 per cent, while the year-to-date return moderated to 23.6 per cent.
Similarly, the market capitalisation lost N182 billion to close at N28.452 trillion.
In a report released by the National Bureau of Statistics (NBS), Nigeria’s headline inflation increased by 89 basis points in May to 17.71 per cent year-on-year from 16.82 per cent in April, the highest since June 2021. 
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTNN, FBN Holdings, Union Bank of Nigeria, International Breweries and Zenith Bank.
On market outlook, analysts at GTI Securities Limited said “Equity market closed negative, as investors await Fed’s decision on interest rates. We expect cautious trading and profit-taking to continue during the week.”
Market breadth closed negative with 26 losers against 11 gainers. 
Meyer led the losers’ chart in percentage terms by 10 per cent to close at N2.79 per share. 
Livestock Feeds followed with a decline of 8.93 per cent to close at 51k, while UBN went down by 7.69 to close at N6 per share. 
International Breweries lost 6.12 per cent to close at N6.90, while FBNH shed 5.17 per cent to close at N9.90 per share.
On the other hand, Tripple Gee & Company dominated the gainers’ chart in percentage terms by 9.20 per cent to close at 95k per share.
Learn Africa followed with 5.49 per cent to close at N2.50, while Unity Bank appreciated by 2.13 per cent to close at 48k per share.
AIICO Insurance went up by 1.56 per cent to close at 65k, while Livestock Feeds appreciated by 1.33 per cent to close at N1.52 per share. 
Also, the total volume of trades declined by 37.3 per cent to 188.092 million units valued at N2.36 billion and exchanged in 4,890 deals. 
Transactions in the shares of the United Bank for Africa topped the activity chart with 36.42 million shares valued at N278.56 million. 
Guaranty Trust Holding Company followed with 24.39 million shares worth N531.29 million, while  FBNH traded 17.624 million shares valued at N175.82 million.
Sterling Bank traded 14.28 million shares valued at N21.91 million, while Zenith Bank transacted 12.843 million shares worth N286.83 million.

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