NGX Sheds N239bn as MTNN, GTCO Give up Gains
The Nigerian Exchange (NGX) equities market capitalisation lost about N239 billion at the beginning of the week due to selloffs on MTN Nigeria, GTCO, and other stocks that closed negative.
MTN Nigeria’s share price appreciated more than 20% last week, while GTCO added 18% to its weight in the local bourse. As a result of a downturn in the market, key performance indicators dropped by -0.40%.
The Nigerian exchange moderated despite the market breadth closing positive due to profit-taking in some medium- and large-scale stocks, such as MTNN, GTCO, and 16 others.
This negative performance thereby halted the positive run spanning 10 days, according to Atlass Portfolios Limited. The market index, or All-Share Index, decreased by 421.91 basis points, representing a decline of -0.40% to close at 104,663.34.
Stockbrokers report showed that market activities inched higher even though equities market combined value plunged significantly. According to information from the NGX website, total volume and total value traded for the day increased by +32.34% and +115.75%, respectively.
Atlass Portfolios Limited to investors via email that approximately 287.49 million units valued at ₦10,800.56 million were transacted in 9,077 deals. UBA was the most traded stock in terms of volume, accounting for 16.09% of the total volume of trades. The Pan African lender was followed by GTCO (12.30%), TRANSCORP (7.48%), ZENITHBANK (7.48%), and FBNH (6.24%) to complete the top 5 on the volume chart.
TRANSPOWER was the most traded stock in value terms, with 33.58% of the total value of trades on the exchange, stockbrokers said in their separate market updates. ABCTRANS topped the advancers’ chart with a price appreciation of 9.86 percent, trailed by NEM with (+9.77%) growth, LIVESTOCK (+9.68%), NGXGROUP (+9.55%), THOMASWY (+9.34%), SOVRENINS (+9.30%), and twenty-one others.
Eighteen stocks depreciated, trading records reveal. MCNICHOLS was the top loser, with a price depreciation of -9.30%. Also on the loser chart are: DAARCOMM (-8.97%), MTNN (-7.58%), REGALINS (-5.13%), GTCO (-3.72%), and ZENITHBANK (-1.76%).
The market breadth closed positive, recording 27 gainers and 18 losers. In addition, the market sector performance was positive, as four of the five major market sectors closed in green.
The insurance sector grew by +2.95% followed by the banking sector, which surged by +2.53%, while the industrial sector popped higher by 0.03%, and the oil & gas sector went up by 0.01%. The consumer goods sector was down by -0.35%.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦238.53 billion, representing a drop of -0.40%, to close at ₦59.18 trillion. #NGX Sheds N239bn as MTNN, GTCO Give up Gains Naira Suffers Big, CBN Goes Ballistic Against FX Whales
