MTNN, FirstHoldco Drag NGX Index, Investors Lose N1.88trn
Equities investors lost about N1.88 trillion as sell pressure in MTN Nigeria, First Holdco, and other decliners dragged the Nigerian Exchange (NGX) All-Share Index (ASI) lower on Tuesday.
The stock market closed trading activities for today on a bearish note, as key performance indicators decreased by 1.17% and year-to-date return moderated to 57.31%
The downturn, led by losses in the Banking sector, was driven by renewed profit-taking in recently appreciated medium- and large-cap stocks,
Decliners include ACCESSCORP, MTNN, GTCO, FIRSTHOLDCO, OANDO, among others. The NGX market index fell by -2,897.67 basis points to close at 244,802.11.
Market capitalisation also declined by ₦1,878.71 billion, closing at ₦158.72 trillion. Total volume of all trades and the total transaction value increased by +84.67% and +2.09%, respectively.
Stockbrokers said approximately 753.17 million units, valued at ₦27,823.05 million, were transacted in 54,051 deals.
NEM Insurance topped volume, accounting for 17.63% of all units transacted in the market, followed by MBENEFIT (11.80%), STERLINGNG (5.47%), ACCESSCORP (4.94%), and CONHALLPLC (4.75%).
On the value chart, NEM Insurance also led the pack, accounting for 14.67% of the total transaction value of trades executed on the local bourse, thereby making it the highest traded on the exchange.
ELLAHLAKES topped the gainers chart, up by +7.07%, then trailed by NGXGROUP (+1.38%), LEARNAFRCA (+1.16%), and WEMABANK (+0.68%).
A total of sixty-one stocks depreciated. With a price depreciation of -10.00% each, AVACAP topped the worst performers’ chart, followed by FTGINSURE (-9.89%), ABBEYBANK (-9.74%), CMFC (-9.66%), FIRSTHOLDCO (-9.30%), and ROYALEX (-9.09%).
Hence, market breadth closed broadly negative, with 4 gainers and 61 losers. Sectoral performance was mixed. The Consumer Goods sector gained 0.49%, while the Oil/Gas and Commodity sectors advanced by 5.76% and 4.04%, respectively.
Conversely, the Banking sector fell 5.29%, followed by the Insurance sector, down 4.38%, and the Industrial Goods sector, down 0.64%.
Trading activity strengthened during the session, with total deals, volume, and turnover increasing by 3.30%, 84.67%, and 2.09%, respectively. The market recorded 54,051 transactions, with 753.17 million shares traded, valued at ₦27.82 billion. Global Equities Markets Dip as Money Moves Out of Risky Assets
