NGX Lost N116bn as Investors Exit Positions in MTN, INTBREW
The Nigerian Exchange (NGX) lost N116 billion as investors exited positions in MTN Nigeria, International Breweries Plc and other lightweight stocks on Tuesday. The downturn was driven by selling pressure in some large- and medium-cap stocks.
Despite positive market breadth, the equities market closed the trading session on a negative note, with key performance indicators dropping by 0.17%, which effectively reversed the previous day’s gains.
Notable losers included LIVESTOCK, MTNN, FTNCOCOA, INTBREW, and others, which collectively contributed to a loss of approximately N116 billion in investors’ wealth.
According to data obtained from the Nigerian bourse, the All-Share Index dropped by 185 basis points to close at 105,931.18. Today, market activities were up, as the total volume and total value of trade consummated surged by 46.44% and 191.37%, respectively.
In its note, Atlass Portfolio Limited told investors that approximately 733.05 million units valued at ₦35,288.06 million were transacted across 16,619 deals.
In terms of volume, FIDELITYBK led the activity chart, accounting for 38.92% of the total volume of trades, followed by MTNN (11.85%), ACCESSCORP (4.85%), UNIVINSURE (4.07%), and GTCO (3.89%), rounding out the top five.
MTNN emerged as the most traded stock in value terms, accounting for 59.33% of the total value of trades on the exchange. LEGENDINT topped the advancers’ chart for today with a price appreciation of 10.00 percent.
Other gainers include ABCTRANS (+9.94%), CADBURY (+9.91%), CHAMPION (+9.79%), ETERNA (+9.46%), MAYBAKER (+9.26%), and twenty-six others. In the market, twenty stocks depreciated, according to trading details from the Nigerian bourse.
LIVESTOCK was the top loser, with a price depreciation of -9.71%. Other decliners include MULTIVERSE (-9.62%), MCNICHOLS (-9.47%), MTNN (-6.07%), FTNCOCOA (-5.24%), and VERITASKAP (-3.45%).
Stockbrokers reported that market breadth closed positive, recording 32 gainers and 20 losers. The sectoral performance was positive. Sectoral performance was broadly positive. The banking index (+1.30%) witnessed the most traction, driven by buying interest in ZENITHBANK (+2.91%), UBA (+2.19%), ACCESSCORP (+1.48%), and GTCO (+1.19%).
Meanwhile, the consumer goods (+0.48%) and oil & gas (+0.09%) indexes closed higher, following strong demands in NB (+5.93%) and ETERNA (+9.46%), respectively.
Elsewhere, the insurance index lost 0.54%, largely due to selloffs in SUNUASSUR (-5.77%), while the industrial goods and commodity indexes closed flat. Overall, the equities market capitalisation of the Nigerian Exchange fell by N116 billion to close at ₦65.58 trillion. #NGX Lost N116bn as Investors Exit Positions in MTN, INTBREW Dangote Cement Grows Profit by 86% to N209bn in Q1
