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HomeBusinessSelloff on MTN Nigeria stocks, others depress equity market

Selloff on MTN Nigeria stocks, others depress equity market

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By Ifeyinwa Ezeokoli


Trading activities in the domestic bourse resumed the week with bearish sentiments as selloffs in bellwether stock MTN Nigeria Communications (MTNN) undermined the market’s performance. 

Specifically, the All-Share Index decreased marginally by 8.81 points or 0.02 per cent to close at 47,428.67 from 47,437.48 posted on Friday.

Consequently, the month-to-date and year-to-date returns settled at 0.1 percent and 11.0 per cent, respectively.

Similarly, the market capitalisation lost N5 billion to close at N25.561 trillion compared with N25.566 trillion posted on Friday.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Conoil, MTNN, Eterna, Nigerian Breweries and Guaranty Trust Holding Company.

Analysts at GTI Securities Limited said that “trading activities on the equity market started the week bearish with profit taking seen across three of the five major sectors. 

“We expect equity market to trade cautiously this week as investors digest present economic realities.”

Market sentiment, as measured by market breadth was negative with 22 losers in relative to 19 gainers. 

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R.T. Briscoe recorded the highest price gain of 9.59 per cent to close at 80k per share. 

Ecobank Transnational Incorporated (ETI) followed with a gain 7.27 per cent to close at N11.80, while AIICO Insurance appreciated by 6.52 per  to close at 49k per share.

Niger Insurance went up by 4.55 per cent to close at 23k, while Mutual Benefits Assurance and Caverton Offshore Support Group appreciated by 3.85 per cent each to close at 27k and N1.35 per share, respectively. 

On the other hand, Eterna and Computer Warehouse Group (CWG) led the losers’ chart by 10 per cent each to close at N5.04 and 99k per share, respectively.

Royal Exchange followed with a loss 9.92 per cent to close at N1.09 per share.

Veritas Kapital Assurance lost 8.70 per cent to close at 21k, while SCOA shed 8.13 per cent to close at N2.60 per share.

However, the total volume traded rose by 11.00 per cent to 1.29 billion shares worth N7.92 billion and traded in 4,735 deals. 

This was against 1.15 billion shares worth N7.03 billion transacted in  3,928 deals on Friday.

Transactions in the shares of FCMB Group topped the activity chart with 1.02 billion shares valued at N3.84 billion. 

Fidelity Bank followed with 38.14 million shares worth N108.87 million, while Zenith Bank traded 28.46 million shares valued at N768.12 million.

Transcorp traded 20.99 million shares valued at N23.79 million, while Guaranty Trust Holding Company  transacted 17.02 million shares worth N455.38 million.

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