Stock market closes bearish, amid profit-taking in MTNN shares

By Philemon Adedeji

At the Nigerian Exchange Limited (NGX), yesterday, stock market closed on bearish sentiment caused by profit taking in MTN Nigeria (1.43 per cent), DANGOTE CEMENT (-9.09 per cent) alongside ACCESS CORPORATION (-0.29 per cent) which offset the recoveries in GEREGU Power (+5.11 per cent), WAPCO (+1.08 per cent) and Ecobank Transnational Incorporation (ETI) (+3.33 per cent) underpinning the market’s weak performance.

Similarly, the NGX All-Share Index (ASI) closed by 1,142.26 basis points to represent 1.75 per cent lower to close at 64,167.39 basis points from 65,309.65 basis points, marking its second successive session decline

Consequently, the year-to-date (YTD) return fell to 25.20 per cent, while market capitalisation lost N621.601 billion to close at N34.918 trillion.

The market downturn performance was impacted by price depreciation in medium and large Capitalized stocks which are, Multiverse and Mining Evaporation, MTN Nigeria, Dangote Cement and 24 others.

The breakdown  of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 41.48 per cent.

The trade volume declined by 25.1 per cent to close at  238,039,943 million shares valued at N2.62 billion were exchanged in 6,001 deals.

STERLING Financial Holdings Company  (-1.99 per cent) led volume chart with 32.67 million units traded while MTNN (-1.43 per cent) led the value charts in deals worth N468.15 million.

The market sentiments as measured by market breadth closed negative as 24 stocks recorded on the gainers chart as against 27 stocks that declined.

On the price movement table, Guinea Insurance and Omatek Venture emerged as the highest price gainer with 10.00 per cent each increased to close at N0.33 per share each, whileTantalizer appreciated by 9.09 per cent to close at N0.36 per share.

Abbey Mortgage Bank which recorded as the last fourth gainer went up by 8.90 per cent to close at N1.59 per share, while TIP which recorded as the last fifth gainer grew by 8.86 per cent to close at N0.86 per share.

On the other side, Multiverse and Mining Evaporation and Nascon Allied which led the losers shed per cent each to close at N3.15 and N36.90 per share, while Johnholts went down by 9.77 per cent to close at N1.20 per share.

Dangote Cement which recorded as the last fourth loser dipped by 9.09 per cent to close at N320.00 per share, while UNIVINSURE which came as the last fifth loser depreciated by N0.22 per share.

Transaction in the shares of Sterling Financial Holding Company led the activities chart with 32.673 million shares worth N113.802 million, Fidelity Bank which followed transacted 21.124 million shares value at N161.326 million, while UNIVINSURE trade a volume of 15.915 million shares valued at N3.763 million.

United Bank of Africa transacted 12.278 million shares worth N176.557 million.

Transnational Corporation accounted 9.773 million shares worth N35.853 million.