NGX equities market value dips N417bn on MTNN shares
By Philemon Adedeji
Opening the week, the equities market on the Nigerian Exchange Limited (NGX) closed on bearish sentiments caused by selloffs in telco heavyweight MTNN (-6.67 per cent) alongside, Zenith Bank (-0.45 per cent) and First Bank Holding of Nigeria (FBNH)(-1.44 per cent), offsetting gains in Guaranty Trust Holding Company (GTCO) (+2.46 per cent), ACCESS CORPORATION (+0.56 per cent) and United Bank for Africa (UBA)(+3.95 per cent).
As a result, the ASI’s year-to-date (YTD) shed 0.25 per cent, while the market capitalisation value lost N417 billion to close at N27.850 trillion from N28.267 trillion it closed trade on Friday.
The NGX All-Share Index (ASI) dipped by 766.50 basis points or 1.5 per cent to close at 51,127.38 absolute points from 51,893.94 absolute points it closed trade on Friday.
The breakdown of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 33.64 per cent.
A total of 226,593,959 million shares worth N1.567 billion were exchanged in 4,373 deals.
Transnational Corporation led the volume chart with 63.44 million units traded, while Zenith Bank led the value chart in deals worth N292.63 million.
The downturn performance was impacted by losses recorded in medium and large capitalised stocks which Champion Breweries, International Energy Insurance, MTNN and others.
The market sentiments closed negative as 16 stocks constituted the gainers on the leaders chart as against 18 stocks that constituted the losers on the laggards log
On the price gainer chart, Ikeja Hotel came as the best price gainer which rose by 9.48 per cent to close at N1.27 per share, Transnational Corporation which followed went up by 9.47 per cent to close at N1.85 per share, while Consolidated Hallmark Insurance grew by 8.77 per cent to close at N0.62 per share.
NGXGROUP which recorded as the last fourth gainer appreciated by 8.16 per cent to close at N26.50 per share, while Jaiz Bank which recorded as the last fifth gainer went up by 5.68 per cent to close at N0.93 per share.
On the losers table, Champion Breweries led as the overall price loser which depreciated by 9.94 per cent to close at N4. 44 per share, International Energy Insurance which followed suffered 6.98 per cent loss to close at N1.20 per share, while MTNN which recorded as the last third loser went down by 6.67 per cent to close at N224.00 per share.
Transcohot which recorded as the last fourth loser dipped by 5.80 per cent to close at N6.50 per share, Africa Prudential which recorded as the last fifth loser dipped by 5.45 per cent to close at N5.20 per share.
Transaction in the shares of Transnational Corporation topped the activities chart with 63.440 million shares worth N117.364 million, Fidelity Bank which followed traded 41.306 million shares value at N210.899 million, while Sterling Bank exchanged 22.781 million shares worth N33.249 million.
Zenith Bank accounted 13.368 million shares value at N292.630 million.
United Bank for Africa (UBA) transacted 10.285 million shares value at N80.685 million.
