MTN Nigeria, Glaxo Smith Kline, others depreciate equities market by N21.32bn

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MTN Nigeria Plc, GlaxoSmith-Kline Consumer Nigeria Plc, among others down the Nigerian Stock Exchange (NSE) equities market by N21.32 billion on Tuesday trading session.

The market capitalization declined by N21.32 billion or 0.16 per cent to close at N12,907 trillion from N12.928 trillion it opened for trading due to sell-off in large and medium capitalized stocks.

Consequently, the NSE All-Share Index dipped 43.79 basis points, representing a decline of 0.16 per cent to close at 26,513.65 basis points from 26,557.44 basis points it opened for trading.

The market breadth closed negative, recording with seven gainers as against 13 losers while Year-Till-Date (YTD) return worsened to 15.64 per cent from 15.50 per cent.

Performance across sectors was bearish as the Industrial Goods index was the lone gainer, up 0.8 per cent on the back of price appreciation in Cement Company of Northern Nigeria (4.3 per cent).

Conversely, the AFR-ICT and Insurance indices led the laggards, down 0.5 per cent and 0.4 per cent respectively following sell pressures in MTN Nigeria (0.8 per cent) and AIICO Insurance (7.4 per cent).

Similarly, the Banking, Oil & Gas, and Consumer Goods indices all trended lower by 30 basis points, 20 basis points and three basis points respectively on the back of sell-offs in United Bank for Africa (0.8 per cent), Guaranty Trust Bank (0.7 per cent), Oando (two per cent) and Dangote Flour (2.4 per cent).

The total value of equities traded fell by 15.47 per cent to N2.32 billion; however, the total volume rose by 35.12 per cent to 174.41 million units.

The most active stocks by volume were Access Bank (27.3 million units), Guaranty Trust Bank (24.6 million units) and FCMB Group (23 million units) while Guaranty Trust Bank (N655.8 million), MTN Nigeria (N447.2 million) and Zenith Bank (N203.4 million) led by value.

Furthermore, Nigerian Aviation Handling Company led the price gainers by 5.15 per cent to close at N2.45 per share, trailed by Cement Company of Northern Nigeria that rose by 4.28 per cent to close yesterday at N15.85 per share while United Capital appreciated by 3.45 per cent to close at N2.10 per share for trading.

Fidson Healthcare garnered 1.27 per cent to close trading at N4 as FBN Holdings increased by 0.95 per cent to close at N5.30 per share for trading

Contrarily GlaxoSmithKline Consumer Nigeria led the price losers by 9.86 per cent to close at N6.40 per share, trailed by Courteville Business Solutions that dropped by 9.09 per cent to close at 20 kobo per share while Union Diagnostic & Clinical Services declined by 8.33 per cent to close by 22 kobo per share.

Chams depreciated by 7.69 per cent to close yesterday at 24 kobo per share while AIICO Insurance dipped 7.35 per cent to close by 63 kobo per share.

“We expect the bearish sentiment to persist as investors continue to take a risk-off approach towards the market,” Analysts at Afrinvest Limited said in its report on Tuesday.