Equities market drops further by 0.75% over profit-taking in MTN Nigeria, others

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Kayode Tokede

The domestic equities market recorded the second consecutive decline as the Nigerian Stock Exchange All Share Index (NSE ASI) dipped by 0.74per cent to close at 29,062.50 basis points from 29,283.15 basis points, following investor sell-offs in MTN Nigeria plc, Ecobank Transnational Incorporate (ETI) Plc and Access Plc.

The equities market in its Year-to-Date (YTD) returns currently stands at +8.27 per cent.

The market capitalisation also dropped by N114 billion to N14.992trillion on Wednesday from N15.106trillion reported on Tuesday.

However, the total volume of trades decreased by 46 per cent to 360.08 million units, valued at N2.83 billion and exchanged in 4,345 deals. Morison was the most traded stock by volume at 126.77 million units while Zenith Bank was the most traded stock by value at N674.03 million across 572 deals respectively.

UBA traded 31.97 million units of shares at N274.1 million across 431 deals, while Transnational Corporation closed the list with trades in 17.86 million units of shares at N19.01 million in 75 deals respectively.

All sector indices closed negative, save for the Insurance (0.33per cent) index, as the Industrial Goods (-0.29per cent) Consumer Goods (-0.21per cent), Banking (-0.21per cent) and the Oil & Gas (-0.11per cent) indices recorded declines.

Market sentiment, as measured by market breadth, was negative (0.6x), as 17 tickers recorded declines while 10 tickers recorded gains.

Beta Glass was the best performing stock on the bourse with 10 per cent gain to close at N64.9 followed by Cornerstone Insurance Plc which gained 9.43per cent to close at N0.58. Glaxosmithkline gained 7.14per cent having closed at N6 with Forte oil also recording 6.44 per cent gain to close at N19 while Transnational Corporation rounded off the list with 4.85per cent gain to close at N1.08.

Livestock Feeds and Sovereign Trust Insurance lost the most today with 9.09 per cent decline to close at N0.5 and N0.2 respectively. Meyer Plc recorded eight per cent loss to close at N0.46 while Etisalat Transnational lost 7.69 per cent to close at N7.2. Fidson Healthcare rounded off the list with 5.45 per cent loss to close at N2.6.