NGX Sheds N120 Bln as Market Takes MTNN Ex-Div. Price
The Nigerian Exchange (NGX) valuation falls by more than N120 billion on Thursday as selling rallies persist. Yesterday, more than N6 billion was knocked off from the equity market valuation due to low buying interest.
Today, despite the price appreciation in some bellwether stocks, the Nigerian stock market further receded by 0.48 per cent.
Driving the slowdown was selloffs of blue-chip stocks, according to Atlass Portfolios Limited and market repriced MTN shares from ₦212 to ₦203.43, reflecting market value after the dividend payment by the Telcos giant.
Consequently, the Nigerian Exchange All-Share Index tanked 22.65 basis points representing a 0.48 per cent dip, closed at 46,543.51. Today, equity market capitalisation inched lower ₦120.04 billion to close at ₦25.09 trillion.
Consequently, the market activities were bearish, as the total volume and value plunged by 6.71 per cent and 3.46 per cent, respectively.
Atlass Portfolios traders said about 244.04 million units valued at ₦2.35 billion were transacted in 4,710 deals. FIDELITYBK remained the most traded stock in terms of volume, accounting for 18.20 per cent of the total volume of trades.
The bank was followed closely by TRANSCORP (14.65%), ZENITH BANK (9.55%), UBA (6.41%) and ACCESSCORP (5.29%) to complete the top five on the volume chart.
ZENITH BANK emerged as the most traded stock in value terms, with 22.62 per cent of the total value of trades on the exchange. CONOIL topped the advancers’ chart with a price appreciation of 9.89 per cent.
The local oil company was trailed by MEYER (9.57%), UCAP (2.38%), NGXGROUP (2.35%), GTCO (1.58%), MTNN (1.28%), ZENITHBANK (0.66%), HONYFLOUR (0.57%), CUTIX (0.46%) and eleven (20) others.
On the flip side, fifteen (15) stocks depreciated, led by VERITASKAP with a price decline of 8.70 per cent to close at ₦0.21, according to market data. UCAN (-7.49%), ETI (-2.92%), DANGSUGAR (-1.90%), NASCON (-1.26%), FCMB (-0.62%) and ACCESSCORP (-0.51%) also dipped in price.
However, the market breadth was positive, recording 20 gainers and 15 losers. Today, sectoral performance was negative, as three of the five major sectors closed on a bearish note compared to the previous session.
The segment was led by Consumer Goods (-0.19%), Banking (-0.12%), and Insurance (0.08%), respectively. Meanwhile, Oil & Gas and Industrial Goods rose by 0.39% and 0.001%, respectively. #NGX Sheds N120 Bln as Market Takes MTNN Ex-Div. Price
