- Advertisement -spot_img
28.2 C
HomeBusinessShares of MTN Nigeria fall for 2nd consecutive day, dragging market index...

Shares of MTN Nigeria fall for 2nd consecutive day, dragging market index down by almost 2%

- Advertisement -spot_img

By Ifeyinwa Ezeokoli 

The bears continued to dominate the Nigerian equities market as the capitalisation of listed stocks on the NGX declined by N516 billion on Thursday following profit-taking activity on large capitalised stocks.

The local unit of South Africa’s telecom giant, MTN Nigeria sustained a second consecutive day decline with 9.62 per cent, dragging the main market index down by 1.86 per cent.

Other stocks hit by profit takers include International Breweries, which dropped by 9.91 per cent, United Capital was down 8.33 per cent while Nigerian Breweries fell 4.52 per cent and FCMB Group declined by 3.23 per cent.

Consequently,  the market capitalisation of equities listed on the NGX decreased to N27.202 trillion from N27.718 trillion the previous trading.

Also, the All-Share Index dipped by 1.86 per cent or 958.16 points to close at 50,442.37 points versus the 51,400.53 points it closed the previous day.

The NGX 30 Index decreased by 2.19 per cent to close at 1,819.33 points as against 1,859.99 points at the previous trading.

Accordingly, the month-to-date loss and year-to-date returns stood at 2.7 per cent and 18.1 per cent, respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Nigerian Breweries, PZ Cussons Nigeria, United Capital, Flour Mills of Nigeria and Zenith Bank Plc.

Analysts at GTI Securities Limited said, “the market sell-off continues as investors continue to react to prevailing sovereign risk. We expect the trend to continue throughout the week.”

As measured by market breadth, market sentiment was negative with 37 stocks laggards in relative to three gainers.

Trans-Nationwide Express led the losers’ chart in percentage terms by 10 per cent to close at 63k per share.

READ ALSO: A university don projects higher risk for investors ahead of 2023 general election

International Breweries followed with 9.91 per cent to close at N5, while PZ Cussons Nigeria declined by 9.62 per cent to close at N9.40 per share.

MTNN lost 9.62 per cent to close at N192.50, while Berger Paints shed 9.49 per cent to close at N6.20 per share.

On the other hand, Livestock Feeds dominated the gainers’ chart in percentage terms with 1.63 per cent to close at N1.25 per share.

FBN Holdings (FBNH) followed with 1.36 per cent to close at N11.15, while Sterling Bank rose 1.32 per cent to close at N1.53 per share.

The total volume traded increased by 58.0 per cent to 156.167 million units, valued at N2.94 billion exchanged in 4,618 deals.

Transactions in the shares of Flour Mills of Nigeria topped the activity chart with 19.32 million shares valued at N618.05 million.

Transcorp followed with 15.40 million shares worth N16.35 million, while Guaranty Trust Holding Company (GTCO) traded 12.69 million shares valued at N259.67 million.

Zenith Bank traded 11.39 million shares valued at N243.69 million, while FBN Holdings (FBNH) transacted 9.95 million shares worth N108.17 million.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img