NGX equities market closes bearish, amid selloffs in MTN, others

By Philemon Adedeji

Bearish sentiment which persisted on Nigerian Exchange Limited (NGX) caused by Selloffs in telco heavyweight, MTNN (-3.83 per cent), as well as Zenith Bank (-5.18 per cent), and GTCO (-5.49 per cent), underpinned the market’s weak performance despite gains in First Bank Holding of Nigeria (FBNH) (+0.94 per cent), Ecobank Transnational Incorporation (ETI) (+0.33 per cent) and Fidelity Bank (+3.29 per cent).

The NGX All Share Index (ASI)  shed 789.89 basis points to represent 1.32 per cent to close at 59,195.21 absolute points from 59,985.10 absolute points it closed for previous trading day.

Respectively, the market remains on track for another weekly gain. As a result, the year-to-date (YTD) return fell to 15.50 per cent, while market capitalisation lost N430.10 billion to close at N32.232 trillion from N32.662 trillion it closed trade on Wednesday.

The breakdown of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 27.14 per cent.

The market sentiment closed negative as 36 stocks led gainers on the advancers chart as, while 40 stocks led losers chart on the laggards log.

The trade volume decreased by 9.8 per cent to close at 1,170,151,738 million shares worth N15.359 billion were exchanged in 12,611 deals.

On the price movement chart, MRS Oil, Transcohot, TotalEnergies,  led gainers table with 10.00 per cent each increased to close at N68.75, N13.31, N336.70 per share respectively.

Ikeja Hotel which recorded as the last fourth gainer rose by 9.97 per cent to close at N3.31 per share, Etranzact International which recorded as the last fifth gainer appreciated by 9.92 per cent to close at N5.32 per share.

However, on the losers chart, Sunu Assurance led the lisers chart with 10.00 per cent to close at N0.45 per share, closely followed by Cornerstone Insurance which depreciated by 9.73 per cent to close at N1.02 per share, while Mcnichols shed 9.33 per cent to close at N0.68 per share.

Access Corporation which recorded as the last fourth loser went down by 9.24 per cent to close at N14.25 per share, while RT. Briscoe which recorded as the last fifth loser dipped by 8.82 per cent to close at N0.31 per share.

Transaction in the shares of United Bank for Africa (UBA) topped the activities chart with 192.832 million shares valued at N2.344 billion, Access Corporation which followed traded 121.537 million shares worth N1.962 billion, while Fidelity Bank transacted 102.638 million shares valued at N726.740 million.

Guaranty Trust Holding Company transacted 99.847 million shares worth N3.325 billion.

Sterling Bank accounted 79.277 million shares worth N238.314 million.