Stock Market Down 0.32% on Sell-off in MTN, 12 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) opened the week on a negative note, as sell offs in MTN Nigeria Communications (MTNN) and 12 others depreciated the market by 0.32 per cent.

The NGX All Share Index (ASI) decreased by 138.64 basis points or 0.32 per cent to close at 43,818.12 basis points. Similarly, the market capitalisation lost N75 billion to close at N23.867 trillion.

As measured by market breadth, market sentiment was flat as an equal number of 13 stocks gained and lost.  FTN Cocoa processors recorded the highest price gain of 9.68 per cent to close at 34 kobo, per share. Consolidated Hallmark Insurance followed with a gain 6.90 per cent to close at 62 kobo, while AXA Mansard Insurance rose 5.88 per cent to close at N1.62, per share.

Chams went up by 4.17 per cent to close at 25 kobo, while Union Bank of Nigeria (UBN) appreciated by 3.48 per cent to close at N5.95, per share.

On the other hand, John Holt led the losers’ chart by 9.88 per cent to close at 73 kobo, per share, per share. SCOA Nigeria followed with a decline of 9.71 per cent to close at N1.58, while Prestige Assurance lost 7.69 per cent to close at 36 kobo, per share.

Unity Bank lost 5.26 per cent to close at 54 kobo, while Africa Prudential shed 4.67 per cent to close at N5.10, per share.

The total volume traded declined by 10.8 per cent to 187.094 million units, valued at N2.545 billion, and exchanged in 3,326 deals. Transactions in the shares of Access Holdings topped the activity chart with 87.923 million shares valued at N704.474 million.

Zenith Bank followed with 19.324 million shares worth N385.789 million, while Transnational Corporation of Nigeria (Transcorp) traded 10.680 million shares valued at N11.613 million.

Unity Bank traded 10.175 million shares valued at N5.340 million, while Nigerian Exchange Group (NGXGroup) transacted 5.256 million shares worth N112.846 million.

This week, analysts at United Capital Plc projected that the local stock market to remain in a lull going forward.

“Positive drivers to catalyse investor interest in the equities market are far and few. Elevated money market rates, pre-election jitters and dwindling corporate performance will likely keep investors’ interest at bay,” it added.