NGX Tumbles as Investors Dump MTNN Amid Retail Offer
The Nigerian Exchange (NGX) opens the last month in the financial year 2021 on a bearish note as investors dumped MTNN after the announcement of a retail offer to Nigerian at N169.
MTN Nigeria share price had closed at N190 per share yesterday. Coincidently, the group announced discounted retail offer at N169 against the stock market price of N190, thus prompting selloffs.
The selling rallies seen in today trading session plunged the market index below 43,000 points and year-to-date moderated to 5.44%, according to data from the Nigerian Exchange.
Consequently, the Nigerian Exchange All-Share Index dipped by 784.89 basis points, representing a decline of 1.81 per cent to close at 42,463.16.
Similarly, stock market capitalisation dropped off ₦409.56 billion, representing a decrease of 1.81 per cent to close at ₦22.16 trillion.
Data shows that market activities were mixed as the total volume traded climbed by 49.16% while the Total Value traded dipped by 4.20 per cent. A total of 335.48 million units valued at ₦3.55 billion were transacted in 3,891 deals.
FBNH led the traded stocks in terms of volume, accounting for 39.94 per cent of the total volume of trades. The Holdings was followed closely by UNIVINSURE (10.79%), ZENITH BANK (5.47%), GTCO (4.05%), and TRANSCORP (3.14%) to complete the top five on the volume chart.
Also, FBNH emerged as the most traded stock in value terms, with 44.30 per cent of the total value of trades on the exchange. Of the traded stocks today, CORNERST appeared as the most profitable stock to lead the advancers’ chart with a price appreciation of 7.69 per cent.
This was followed by CHAMS (5.00%), NGXGROUP (3.66%), LIVESTOCK (1.96%), WEMABANK (1.27%), NB (0.65%), WAPCO (0.60%), UCAP (0.52%), FBNH (0.42%), ZENITHBANK (0.21%) and five (5) others.
Today, 23 stocks depreciated in price topped by MTNN with price depreciation of 10.00 percent to close at ₦171.00, as AFRIPRUD (-7.69%), ACCESS (-5.26%), ETI (-1.80%), TRANSCORP (-1.03%), FLOURMILL (-0.85%), OANDO (-0.63%), UBA (-0.62%) and NASCON (-0.35%) also dipped in price.
Thus, the market breadth closed largely negative, recording 15 gainers and 23 losers. Accordingly, the sector performance was relatively negative, as three of the five major sectors closed negatively, led by Banking (-1.15%), Consumer Goods (-0.14%) and Oil & Gas (-0.12%).
The Insurance (0.77%) and Industrial Goods (0.04%) sectors grew as against the previous session. #NGX Tumbles as Investors Dump MTNN Amid Retail Offer
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