NGX opens December with N409bn loss


Activities on the Nigerian Exchange Ltd. (NGX) resumed the month of December on Wednesday in red with a loss of N409 billion due to profit taking in MTN Nigeria Communications (MTNN) and 22 others.

Specifically, the market capitalisation which opened at N22.566 trillion shed N409 billion or 1.81 per cent to close at N22.157 trillion.

Also, the NGX All-Share Index inched lower by 784.89 points or 1.81 per cent to close at 42,463.16 from 43,248.05 on Tuesday.

Accordingly, Year-to-Date gain moderated to 5.4 per cent.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Africa Prudential, Access Bank, Flour Mills of Nigeria and Ecobank Transnational Incorporated.

Consequently, market sentiment was negative with 23 laggards, relative to 15 gainers.

MTNN dominated the losers’ chart in percentage terms by 10 per cent to close at N171 per share.

African Prudential followed with 7.69 per cent to close at N6.00, while UACN Property Development Company lost 7.48 per cent to close at 99k per share.

Royal Exchange declined by 5.56 per cent to close at 51k, while Honeywell Flour Mills shed 5.32 per cent to close at N3.74 per share.

Conversely, Cornerstone Insurance led the gainers’chart in percentage terms with 7.69 per cent to close at 56k per share.

AXA Mansard Insurance followed with 7.55 per cent to close at N2.28, while Chams went up five per cent to close at 21k per share.

Nigerian Exchange Group (NGXGroup) increased by 3.66 per cent to close at N17, while FTN Cocoa processors appreciated by 2.56 per cent to close at 40k per share.

However, the total volume of trades increased by 49.16 per cent to 335.48 million units valued at N3.55 billion exchanged in 3,891 deals.

This was in contrast with 224.91 million shares worth N3.71 billion traded in 4,331 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 133.99 million shares valued at N1.57 billion.

Universal Insurance followed with 36.19 million shares valued at N7.24 million, while Zenith Bank traded 18.34 million shares worth N440.11 million.

Guaranty Trust Holding Company sold 13.59 million shares valued at N334.80 million, while Transcorp accounted 10.54 million shares worth N10.19 million.