MTNN, BUA Drag NGX Down by N672bn

Selloffs in MTN Nigeria and BUA Cement dragged the Nigerian Exchange (NGX) equities market capitalisation downward by more than N672 billion. Detail from the local bourse indicated that the market turned bearish following heart breaking earnings release by listed companies.

Consequently, key performance indicators plunged further as the equities market recorded about 4 trillion loss in two weeks. Last week, the local bourse went down by more than N2.1 trillion as investors exited their positions in stocks. The local bourse has lost N1.83 trillion in the last five trading sessions.

This week, the equities market rounded up trading activities negatively despite market breadth closing largely positive. Stock market performance indicators dipped by -1.23%, according to stockbrokers reports.

Atlass Portfolios Limited said in its market update that the downturn was due to profit-taking in some blue-chip stocks. Notably among them are BUACEMENT, MTNN, and 6 others.

Then, the market index or All-Share Index decreased by 1,228.32 basis points today, representing a decline of -1.23% to close at 98,751.98. This happened as market activities nosedived.  Total volume and value traded for the day decreased by -32.29% and -22.01% respectively.

Stockbrokers told investors that approximately 367.62 million units valued at ₦6,782.54 million were transacted in 9,168 deals.

TRANSCORP was the most traded stock in terms of volume, accounting for 15.59% of the total volume of trades. The conglomerate was followed by ACCESSCORP (8.69%), UBA (7.80%), FIDELITYBK (7.68%), and FCMB (7.64%) to complete the top 5 on the volume chart.

ZENITHBANK was also the most traded stock in value terms, with 13.49% of the total value of trades on the exchange. Meanwhile, FTNCOCOA and TIP topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.

These stocks were trailed by JULI with (+9.97%) growth, CHAMPION (+9.94%), PZ (+9.93%), TRANSCORP (+9.93%), ACCESSCORP (+9.92%), and thirty-nine others.  Eight stocks depreciated, where BUACEMENT and CONOIL were the top losers, with a price depreciation of -10.00% each.

Others in the losers’ chart included MTNN (-9.96%), THOMASWY (-9.78%), SOVRENINS (-6.52%), CORNERST (-4.76%), and NASCON (-3.94%).  Stockbrokers’ notes showed that the market breadth closed positive, recording just 46 gainers and 8 losers.

At the end of the trading, sector performance was positive. Specifically, three of the five major market sectors closed in the green.  The banking sector grew by (+2.59%), followed by a 1.1% increase in the Insurance index while the Consumer goods sector grew by +0.38%).

The Industrial and Oil & Gas sectors dipped by -3.44% and -0.85%. Overall, the equities market capitalisation lost ₦672.11 billion, representing a drop of -1.23%, to close at ₦54.04 trillion. #MTNN, BUA Drag NGX Down by N672bnNaira Suffers Big, CBN Goes Ballistic Against FX Whales

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