BUSINESS

NGX Drops By N158bn Over Profit-Taking In MTN Nigeria, 21 Others

 

Trading activities on the domestic equities market of the Nigerian Exchange Limited (NGX) on Tuesday closed negative, as price decline in MTN Nigeria Communications (MTNN) and 21 others pulled the market lower by N158 billion.

The NGX All-Share Index (ASI) lost 288.69 basis points  or 0.43 per cent to close at 66,482.28 basis points.

Also, market capitalisation declined by N158 billion to close at N36.386 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications, Nigerian Exchange Group, Wema Bank, Nigerian Aviation Handling Company (NAHCO) and Fidson Healthcare.

Investor sentiment, as measured by market breadth was strengthened as 29 stocks advanced, while 22 declined. Oando emerged the highest price gainer of 9.88 per cent to close at N9.45, per share. Red Star Express followed with a gain of 9.81 per cent to close at N2.91, while Tripple Gee and Company rose by 9.68 per cent to close at N2.38, per share.

R.T. Briscoe Nigeria increased by 9.43 per cent to close at 58 kobo, while Universal Insurance up by 9.09 per cent to close at 24 kobo, per share.

On the other side, Ikeja Hotel and Wema Bank led the losers’ chart with 10 per cent each to close at N3.15 and N4.23 respectively, while Associated Bus Company followed with a decline of 8.86 per cent to close at 72 kobo, per share.

Royal Exchange depreciated by 8.00 per cent to close at 46 kobo, while Consolidated Hallmark Insurance down by 5.60 per cent to close at N1.18, per share.

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The total volume of trades increased by 80.5 per cent to 657.52 million units, valued at N4.60 billion, and exchanged in 6,646 deals. Transactions in the shares of Universal Insurance led the activity with 336.294 million shares worth N80.457 million.

Fidelity Bank followed with account of 31.689 million shares valued at N264.857 million, while Consolidated Hallmark Insurance traded 25.126 million shares valued at N29.424 million.

Guaranty Trust Holding Company traded 24.633 million shares worth N885.386 million, while Wema Bank traded 24.016 million shares worth N103.814 million.

Afrinvest Limited said that “we anticipate a positive outing on the bourse in tomorrow’s trading session, buoyed by improved investor sentiment.”

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