MTN, ACCESS, WEMA Bank Losses Drive NGX Down by N176bn
Equities investors’ wealth plunged by about N176 billion as MTN Nigeria Plc share depreciation wiped off gains from the buy side of the stock market. Other supporting losers in the stock market include Access Bank, Wema Bank, and Jaiz Bank Plc.
The numbers of gainers exceeded stocks that lost value, but the market closed negative due to MTN Nigeria’s weight in the market. According to transaction details, the Nigerian Exchange (NGX) All-Share index fell by 32 bps to close at 96,204.01 points, according to trading details for the day.
Stockbrokers said the downturn in the equities market was primarily driven by selloffs in MTNN (-7.91%), which eroded gains from OANDO (+9.94%) and ETI (+6.60%). Following a strong side activities on the telecom stock, investors lost N175.9 billion, with the market cap settling at N55.26 trillion, data from the Nigerian stock market showed.
Nevertheless, market activities were mixed. Total volume traded for the day increased by 0.78%, while the total value traded dropped by 19.59%. Approximately 446.61 million units valued at ₦4,531.40 million were transacted across 10,148 deals, Atlass Portfolios Limited said in its market update.
UNIVINSURE was the most traded stock in terms of volume, accounting for 11.79% of the total volume of trades, followed by JAPAULGOLD (11.61%), PRESTIGE (8.03%), TANTALIZER (7.87%), and CHAMS (6.44%) to complete the top 5 on the volume chart.
OANDO emerged as the most traded stock in value terms, accounting for 13.71% of the total transaction value conducted on the exchange. IMG topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by CHAMS (+9.95%), OANDO (+9.94%), LIVESTOCK (+9.91%), ETERNA (+9.84%), CILEASING (+9.82) and twenty-nine others.
Fourteen stocks depreciated, according stockbrokers. NEIMETH was the top loser, with a price depreciation of -9.09%. Other decliners include TANTALIZER (-8.64%), MTNN (-7.91%), JAIZBANK (-6.25%), WEMABANK (-3.85%), and ACCESSCORP (-0.78%).
In spite of the bearish display, the market breadth closed positive, recording 35 gainers and 14 losers. Sectoral performance, in contrast to the overall market trend, remained bullish, with 4 sectors closing the session in green.
The Insurance (+1.87%) sector saw bullish sentiments in a number of its tickers, led by AIICO (+5.41%). The Banking (+0.62%) sector also gained due to interest in ETI (+6.60%), likely on the back of a recent corporate action to address the covenant breach in a $300 million senior note.
The Oil and Gas (+0.53%) sector gained due to the continued momentum of OANDO (+9.94%), while the Consumer Goods (+0.16%) sector saw an uptick due to buying interests in DANGSUGAR (+2.63%).
The industrial Goods was the sole loser owing to selloffs in WAPCO (-0.27%) Overall, the equities market capitalisation of the Nigerian Exchange lost ₦175.85 billion to close at ₦55.26 trillion. #MTN, ACCESS, WEMA Bank Losses Drive NGX Down by N176bn Interest Rate on Nigerian Treasury Bill Spikes to 21.45%
