MTNN, Dangote, Transcorp Drive N235bn Loss on NGX
Sell pressure on MTN Nigeria, Dangote Sugar Refinery, Transnational Incorporation drove the Nigerian Exchange downward by more than N235 billion amidst #EndBadGovernance protest.
Trading activities ended on a bearish, extending its losing streak to eight consecutive days, causing key performance indicators to decline by -0.42%.
The bearish activities dragged the All-Share Index down 414.46 basis point to close at 97,359.76. The market experienced selloffs in some medium and large-scale stocks, such as OANDO, MTNN, DANGSUGAR, among others.
In 8 days, equities investors’ wealth has reduced by ₦1.67 trillion due to selloffs driven by risk off sentiment triggered by uncertainties in the local economy.
According to market report, trading activities went down as the total volume and total value traded for the day declined by -69.26% and -63.09% respectively.
Atlass Portfolios Limited told investors in an emailed note that approximately 565.12 million units valued at ₦8,530.92 million were transacted across 6,821 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 66.04% of the total volume of traded in the local bourse on Thursday amidst protest.
Other volume drivers include UBA (4.08%), ZENITHBANK (3.41%), OANDO (3.37%), and ACCESSCORP (2.79%) to complete the top 5 on the volume chart.
Also, FIDELITYBK emerged as the most traded stock in value terms, accounting for 46.25% of the total value of trades on the exchange.
UCAP topped the advancers’ chart with a price appreciation of 9.95 percent, trailed by AFRIPRUD which gained +9.94%. Other gainers include CUTIX (+9.94%), TANTALIZER (+9.52%), CADBURY (+8.65%), MAYBAKER (+8.29%), and fifteen others.
NGX data revealed that nineteen stocks depreciated. MECURE was the top loser, with a price depreciation of -9.94%. Other decliners include OANDO (-8.00%), DANGSUGAR (-7.67%), MTNN (-5.00%), TRANSCORP (-3.93%), and JAPAULGOLD (-2.16%).
At the close of the trading session, the market breadth closed positive, recording 21 gainers and 19 losers. Sectoral performance was also negative.
Three out of the five major market sectors inched lower. The consumer goods index dropped by 0.55% followed by the Insurance sector which lost 0.18% while the Oil & Gas sector fell by -0.05%. On the other hand, the banking and industrial sectors grew by +0.42% and +0.01% respectively.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦235.38 billion to close at ₦55.28. #MTNN, Dangote, Transcorp Drive N235bn Loss on NGX
