NGX investors lose N591bn, amid sell-offs in MTNN,  others

By Philemon Adedeji

Trading activities on the Nigerian Exchange Limited (NGX) opened the week on a down beat as bearish momentum dominated, causing a shift towards red territory. Sustained selloffs in telco heavyweight MTNN (-3.68 per cent) and Tier-1 banks, ZENITH BANK (-0.29 per cent) and GTCO (-1.08 per cent) were the primary drivers of the market decline.

As a result, the ASI’s year-to-date (YTD) return fell to 25.53 per cent, while the market capitalisation lost N591.20 billion to close at N35.01 trillion

Consequently, the benchmark NGX All-Share Index (NGXASI) experienced a decline of 718.78 basis points or 1.1 per cent, sliding from 65,056.30 Index points in the previous session to 64,337.52  Index points.

This market downturn was primarily influenced by profit-taking activities in significant stocks, including, MTNN, Zenith Bank, Dangote Sugar, Ecobank Transnational Incorporation (ETI), NPF Microfinance Bank, Sovereign Insurance.

The breakdown of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 21.12 per cent

The trade volume decreased to 673,424,564 million shares worth N6.474 billion were exchanged in 9,788 deals.

The market sentiment as measured by market breadth closed negative as 19 stocks recorded on the gainers chart, while 49 stocks recorded on the losers chart.

Beta glass, Sunu Assurance, Linkages Assurance, and AXA Mansard Insurance led the gainers with 10.00 per cent each increased to close at N38.50, N0.66, N0.77, N3.74 per share respectively.

Berger Paint which recorded as the last fifth gainer grew by 9.95 per cent to close at N11.05 per share.

On the losers chart, Dangote Sugar, Ecobank Transnational Incorporation, Livestock, NPF Microfinance Bank and Sovereign Insurance led the losers with 10.00 per cent each to close at N27.00, N15.30, N1.89, N1.80, N0.63 per share respectively.

Transaction in the shares of Abbeybds topped the activities chart with 112.259 million shares worth N112.274 million, Fidelity Bank which followed traded 58.588 million shares valued at N503.707 million, while Union Bank of Nigeria transacted 51.079 million shares value at N357.551 million.

First City Monument Bank traded 49.363 million shares worth N323.678 million.

UNINSURE sold 47.506 million shares worth N11.232 million.