Investors lose N437b amid depreciation in MTNN, Tier-1 banks

TRANSACTIONS on the equities sector of the capital market reopened the week on a downturn, amid sell-off in MTNN, tier-one banks as market capitalisation fell by N437 billion.

At the close of transactions yesterday, market capitalisation of listed equities declined by 0.76 per cent to N56.721 trillion from N57.158 trillion reported the previous day. Similarly, the all-share index also depreciated by 761.42 basis points to 103659.81 points from 104421.23 recorded on Friday.

The market's negative performance was driven by price depreciation in large and medium capitalised stocks which are MTNN, PZ Cussons, Transcorp, GTCO, Fidelity Bank, Accesscorp, Jaiz Bank, Abbey, Wema Bank, African Prudential, Mansard and FCMB.

On the price movement chart, five companies: May and Baker, Cornerstone Insurance, Cadbury, Daar Communications and Meyer Paint gained 10 per cent each to close at N6.93 kobo, N2.09 kobo, N22, 77 kobo and 4.73 kobo.

Sovereign Insurance followed with 9.80 per cent to close at 56 kobo. Ella Lakes appreciated by 9.71 per cent to close at N3.73 kobo. Royal Exchange gained 9.33 per cent to close at 82 kobo. Deap Capital also added 8.96 per cent to close at 73 kobo.

On the contrary, Abbey Building Society recorded the highest loss at the close of the transaction on Monday, declining by 9.7 per cent to close at N2.70 kobo while

Livestock Feeds trailed with a loss of 9.66 per cent to close at N1.87 kobo.

Fidelity Bank was down by 9.37 per cent to close at N11.60 kobo, Jaiz Bank dipped by 7.93 per cent to close at N2.67 kobo, MTNN depreciated by 5.52 per cent to close at N274. Transnational Corporation of Nigeria 4.22 per cent closed at N14.75 kobo.

PZ Cussons depreciated by 3.98 per cent to close at N34.95 kobo. Accesscorp shed 3.70 kobo to close at N26. Guinea Insurance also dropped 3.45 per cent to close at 56 kobo.