NGX resumes bearish as selloff in MTNN, others drag indices by N76b
TRANSACTIONS in the equities sector of the Nigerian Exchange Limited ( NGX) reopened on a downturn yesterday, as sell- off in MTN Nigeria and 12 stocks dragged market capitalisation by N76 billion.
At the close of trading yesterday, market capitalisation of listed equities declined by 0.34 per cent to N23,866 trillion from N23.942 trillion reported the previous day.
The downturn was impacted by losses in medium and large capitalised stocks, amongst which are MTNN, African Prudential, Scoa, United Bank for Africa ( UBA), United Capital and Oando.
The All Share Index also depreciated by 150.63 basis points to 43818.12 points from 43956.76 reported the previous day.
Investors traded 187.094 million shares valued at N2.535 billion in 3326 deals against 209.707 million shares worth N2.166 billion exchanged hands the previous day in 2942 deals.
Analysts at Afrinvest Research said: “Investor sentiment, as measured by market breadth, waned to 0.00x from 0.11x recorded in Friday’s session as 13 stocks advanced, 13 declined while 82 closed flat. We anticipate a modest uptick in the next trading session, driven by attractive valuation in major bellwethers.”
On the price movement chart, Johnholt topped the losers’ chart, shedding 9.88 per cent to close at 73 kobo while SCOA followed with a loss of 9.71 per cent to close at N1.58 kobo. Prestige Assurance fell by 7.69 per cent to close at 36 kobo. Unity Bank dropped 5.26 kobo to close at 54 kobo. African Prudential declined by 4.67 per cent to close at N5.10 kobo. Japaul shed 3.57 per cent to close at 27 kobo while Royal Exchange depreciated by 3.41 per cent to close at 85 kobo. Oando lost 2.56 per cent to close at N3.80 kobo.
Academy Press dropped 2.50 per cent to close at N1.17 kobo. MTNN declined by 2.40 kobo to close at N187.40 kobo. Linkage
Assurance lost 2.38 per cent to close at 41 kobo. UBA also shed 2.08 per cent to close at N7.05 kobo.
FTN Cocoa emerged the day’s highest price gainer, adding 9.68 per cent to close at 34 kobo while CHI Plc followed with a gain of 6.90 kobo to close at 62 kobo. Mansard appreciated by 5.88 per cent to close at N1.62 kobo. Chams garnered 4.17 per cent to close at 25 kobo. Union Bank of Nigeria added 3.48 per cent to close at N5.95 per share.
FBN Holdings appreciated by 2.44 per cent to close at N10.50 kobo while NGX Group followed with 2.33 per cent to close at N22. May& Baker gained 1.89 per cent to close at N3.77 kobo.