Stock Market Depreciates by N33bn on Selloffs in MTN Nigeria, 14 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday depreciated by N33 billion on selloffs in MTN Nigeria Communications (MTNN) and 14 others.

The telecommunication giant depreciated by 0.5 per cent and Stanbic IBTC Holding dropped by 5.6 per cent to drag market capitalisation to a lost of N33billion to close at N26.976trillion from N27.009trillion it opened for trading.

As a result, the NGX All Share Index (ASI) decreased by 60.87 basis points or 0.12 per cent to close at 50,014.60 basis points from 50,075.47basis points the stock market opened for trading.

As measured by market breadth, market sentiment was positive as 21 stocks gained relative to 15 losers. Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 10 per cent to close at N5.83, per share. FCMB Group followed with a gain 9.84 per cent to close at N3.35, while Ikeja Hotel rose 9.43 per cent to close at N1.16, per share.

Multiverse Mining and Exploration went up by 9.22 per cent to close at N2.25, while Courteville Business Solutions appreciated by 8.51 per cent to close at 51 kobo, per share.

On the other hand, Associated Bus Company led the losers’ chart by 6.67 per cent to close at 28 kobo, per share. Jaiz Bank followed with a decline of 5.56 per cent to close at 85 kobo, while Stanbic IBTC Holdings shed 3.28 per cent to close at N28.05, per share.

Caverton Offshore Support Group lost 2.86 per cent to close at N1.02, while UBA shed 2.78 per cent to close at N7.00, per share.

Also, the total volume traded fell by 52.2 per cent to 133.591 million shares, worth N2.438 billion, and traded in 4,292 deals.

Transactions in the shares of UBA topped the activity chart with 20.453 million shares valued at N143.647 million. Chams followed with 8.978 million shares worth N2.772 million, while Access Holdings traded 8.166 million shares valued at N72.687 million.

Japaul Gold & Ventures traded 7.346 million shares valued at N2.860 million, while Jaiz Bank transacted 7.104 million shares worth N6.240 million.

Analysts at GTI Securities Limited said “the Nigerian equity market closed bearish today due to sell-off in blue-chip stocks such as MTNN and others. We expect mixed sentiments to continue, as more companies release their second quarter (Q2) results.”