Stock Market Down N238.55bn on Profit-taking in MTN, 26 Others

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) depreciated by N238.55 billion to begin the new week on investors’ profit-taking as decline in the prices of MTN Nigeria Communication Plc and 26 others drove the market into the red territory.

The NGX All-Share Index declined by 0.4per cent to close at 104,663.34 basis points, as the Month-to-Date and Year-to-Date returns moderated to +4.7per cent and +40per cent, respectively.

Also, market capitalisation dipped by N238 billion to close at N59.178 trillion from N59.416 trillion the market opened for trading.

Analysing by sectors, the NGX Insurance Index added three per cent and NGX Banking Index gained 2.5per cent, while the NGX Industrial Goods and NGX Oil & Gas indices closed flat.

The NGX Consumer Goods Index was down by 0.4per cent, the sole loser for yesterday.

However, market breadth closed positive, as 27 stocks gained relative to 18 losers. Associated Bus Company emerged the highest price gainer of 9.86 per cent to close at 78 kobo, per share.  NEM Insurance followed with a gain of 9.77 per cent to close at N7.30, while Livestock Feeds advanced by 9.68 per cent to close at N1.70, per share.

Nigerian Exchange Group rose by 9.55 per cent to close at N24.10, while Thomas Wyatt Nigeria appreciated by 9.34 per cent to close at N1.99, per share. On the other side, McNichols led others on the losers’ chart with 9.30 per cent to close at N1.17, per share. DAAR Communications followed with a decline of 8.97 per cent to close at 71 kobo, while UPDC shed 7.89 per cent to close at N1.40, per share.

MTNN lost 7.58 per cent to close at N247.50, while Regency Alliance Insurance depreciated by 5.13 per cent to close at 37 kobo, per share.

The total volume traded went up by 32.34 per cent to 287.446 million units, valued at N10.801 billion, and exchanged in 9,077 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 46.232 million shares worth N1.190 billion. GTCO followed with account of 35.350 million shares valued at N1.651 billion, while Transcorp traded 21.506 million shares valued at N325.986 million.

Zenith Bank traded 21.488 million shares worth N834.055 million, while FBN Holdings (FBNH) traded 17.920 million shares worth N698.140 million.

This week, United Capital Plc stated that “we expect mixed sentiments towards the equities market, with bearish sentiment persisting at the background, given the elevated interest rate regime. However, we expect solid corporate actions and fundamentals to continue to spur pockets of bargain hunting activities among investors.”