Stock Market Decline by N284bn on Profit-taking in MTN Nigeria, Others
Kayode Tokede
The stock market yesterday reversed prior day’s gains, as profit-taking activities in MTN Nigeria Communications (MTNN) Plc and 30 others downsized the overall market capitalisation by N284 billion.
As the stock price of MTN Nigeria tumbled by 4.2 per cent the Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 454.16 basis points or 0.43 per cent to close at 106,167.75 basis points.
Also, market capitalisation declined by N284 billion to close at N66.485 trillion.
However, the market breadth closed negative, as 23 stocks gained relative to 31 losers. Livestock Feeds emerged the highest price gainer of 9.93 per cent to close at N9.85, per share.
Cornerstone Insurance followed with a gain of 9.25 per cent to close at N3.19, while International Energy Insurance rose by 8.99 per cent to close at N1.94, per share.
Smart Products Nigeria grew by 8.33 per cent to close at 39 kobo, while Lasaco Assurance up by 7.55 per cent to close at N2.85, per share.
On the other side, MeCure Industries led the losers’ chart with 10 per cent to close at N11.25, per share. ABC Transport followed with a decline of 7.98 per cent to close at N1.50, while DAAR Communication shed 7.46 per cent to close at 62 kobo, per share.
Guinea Insurance depreciated by 7.35 per cent to close at 63 kobo, while Royal Exchange down by 7.32 per cent to close at 76 kobo, per share.
The total volume traded declined by 9.1 per cent to 324.589 million units, valued at N7.918 billion, and exchanged in 12,652 deals. Transactions in the shares of Fidelity Bank led the activity with 29.387 million shares worth N502.176 million.
Access Holdings followed with account of 28.345 million shares valued at N680.914 million, while Guaranty Trust Holding Company (GTCO) traded 28.072 million shares valued at N1.682 billion.
Zenith Bank traded 22.360 million shares worth N1.068 billion, while Universal Insurance traded 16.194 million shares worth N9.724 million.
On market outlook, analysts at Afrinvest Limited said, “we expect the bears to maintain their grip as the market remains short of positive catalysts.”
