NGX Loses N52bn over Large Selloff in MTN Shares

NGX Loses N52bn over Large Selloff in MTN Shares

The Nigerian Exchange (NGX) ends the week on a negative note as investors book profit amidst earnings release in the local bourse. The selling rallies reduce year-to-date performance and the All-share index.

Data from the local bourse show that equities market capitalisation dropped by N52 billion to close at N28.681 trillion as against N28.733 trillion posted at the previous trading.

The downturn performance was mainly due to selloffs in MTNN stocks. The All-share Index (ASI) depreciated by 95.08 points or 0.18 per cent to close at 52,657.88 points from 52,752.96 recorded on Thursday.

Consequently, the Year-to-Date (YTD) returns settled at 2.05 per cent. The market breadth closed positive with 24 gainers and seven losers. Cutix led the losers’ chart in percentage terms by 8.11 per cent to close at N2.40, per share.

International Breweries followed with 6.12 per cent to close at N4.60, while GlaxoSmithKline dropped by 4.41 per cent to close at N6.50, per share. Access Holdings shed 4.26 to close at N9, while Guinness Nigeria lost 3.71 per cent to close at N70, per share.

On the other hand, Cap Plc dominated the gainers’ chart in percentage terms by 9.83 per cent to close at N19.55, per share. Northern Nigeria Flour Mills followed with a gain of 9.76 per cent to close at N6.75, per share.

Japaul Gold & Ventures rose by 9.68 per cent to close at 34k, while Tripple Gee appreciated by 9.37 per cent to close at N1.05, per share. Also, Cornerstone Insurance rose by 9.26 per cent to close at 59k, per share.

Meanwhile, the traded turnover increased by 16 per cent with an exchange of 171.11 million valued at N2.34 billion in 3,599 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 26.65 million shares valued at N145.13 million.

Chams followed with 17.79 million shares worth N5.3 million, while FBN Holdings traded 15.14 million shares valued at N177.19 million.

Japaul Gold &Ventures traded 9.07 million shares valued at N3.01 billion, while Guaranty Trust Holding Company (GTCO) transacted 8.69 million shares worth N211.93 million. # NGX Loses N52bn over Large Selloff in MTN Shares

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