Stock Market Drops by 0.11% on Profit-taking in MTN, 22 Others

Kayode Tokede

The domestic stock market yesterday sustained its bearish performance as losses in MTN Nigeria Communications (MTNN) Plc and 22 others pulled the overall market capitalization lower by N62 billion.

As MTN Nigeria dropped by 3.03 per cent to close at N 240.00 per share, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 110.03 basis points or 0.11 per cent to close at 104,553.31 basis points from 104,663.34 basis points.

Also, market capitalisation shed N62 billion to close at N59.116 trillion from N59.178 trillion the stock market opened for trading.

However, the market breadth closed positive, as 27 stocks gained relative to 23 losers. International Energy Insurance emerged the highest price gainer of 10 per cent to close at N1.32, per share. International Breweries followed with a gain of 9.89 per cent to close at N4.89, while Juli rose by 9.85 per cent to close at N5.91, per share.

NEM Insurance increased by 9.59 per cent to close at N8.00, while FBN Holding (FBNH) added 9.06 per cent to close at N43.95, per share.

On the other side, DAAR Communications led the losers’ chart with 9.86 per cent to close at 64 kobo, per share. CWG followed with a decline of 9.09 per cent to close at N5.50, while Sovereign Trust Insurance shed 8.51 per cent to close at 43 kobo, per share.

UPDC Real Estate Investment Trust depreciated by 6.36 per cent to close at N5.15, while Fidson Healthcare down by 6.25 per cent to close at N15.00, per share.

The total volume traded rose by 6.82 per cent to 307.047 million units, valued at N7.594 billion, and exchanged in 9,548 deals. Transactions in the shares of FBNH led the activity with 37.807 million shares worth N1.573 billion. United Bank for Africa (UBA) followed with account of 36.855 million shares valued at N954.382 million, while Access Holdings traded 28.087 million shares valued at N649.273 million.

Transnational Corporation (Transcorp) traded 21.573 million shares worth N322.628 million, while Fidelity Bank traded 19.814 million shares worth N200.457 million.