MTN, ACCESS Drag Nigerian Stock Market Cap Down to N68.95trn
With sell pressures in MTN Nigeria and Access Holdings Plc and other decliners, the Nigerian Exchange (NGX) equities investors’ combined wealth reduced by about N8 billion to close at N68.95 trillion on Monday, trading details revealed.
According to a stockbrokers, the Nigerian bourse opened the week on a negative note as prices of some stock went south due to profit-taking activities that dragged key market performance indicators lower by 0.01%.
Stockbrokers attributed the Nigerian bourse downturn to profit-taking activities in some blue-chip stocks, such as MTNN, ACCESSCORP, and others. Access Holdings lost 2.13% of its market value, which closed at N1.126 trillion. Also, MTN Nigeria Plc shares outstanding were priced down by 1.03% to close at N5.773 trillion.
As a result, investors’ wealth declined by approximately ₦8 billion after a huge gain of more than ₦600 billion reported last week. The Nigerian Exchange All-Share Index decreased by 12.31 basis points today, representing a modest drop of 0.01% to close at 109,697.83 points.
Nevertheless, market activities were up today, as the total volume and total value of all trades conducted on the exchange increased by 12.58% and 32.36%, respectively. In a note, Atlass Portfolios Limited told investors that approximately 486.09 million units valued at ₦11,381.95 million were transacted across 24,883 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 9.30% of the total volume of trades, followed by FIDELITYBK (8.12%), GTCO (6.69%), CUTIX (4.96%), and UBA (4.24%), rounding out the top five. GTCO emerged as the most traded stock in value terms, accounting for 19.47% of the total value of all trades consummated on the exchange.
IKEJAHOTEL and TANTALIZER topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by BETAGLAS (+9.98%), CHAMPION (+9.97%), NNFM (+9.97%), MULTIVERSE (+9.94%), MCNICHOLS (+9.91%), and thirty-nine others.
Twenty-three stocks depreciated, according to data obtained from the Nigerian bourse. TIP was the top loser, with a price depreciation of -10.00%. Other decliners include ABCTRANS (-9.83%), FTNCOCOA (-9.65%), SUNUASSUR (-8.05%), TRANSCOHOT (-5.64%), and FIDELITYBK (-3.85%). However, the market breadth closed positive, recording 46 gainers and 23 losers.
Sectoral performance was also positive, as four out of the five major market sectors were up, led by the consumer goods sector, which grew by 1.55%. The insurance sector appreciated by 0.56%, the oil & gas sector rose by 0.19%, and the industrial sector grew by 0.17%. The banking sector recorded a loss of 0.74%.
Overall, the Nigerian Exchange’s market capitalisation reduced by ₦7.88 billion, representing a decline of 0.01%, to close at ₦68.95 trillion. #MTN, ACCESS Drag Nigerian Stock Market Cap Down to N68.95trn Nestle Nigeria Crosses N1 trillion at 52-Week High
