NGX Shrinks by N1.38trn as Investors Dump MTNN, GTCO
The Nigerian Exchange (NGX) shed about N1.38 trillion as investors dumped shares of MTN Nigeria (MTNN), GTCO, and other banking stocks.
The local bourse opened the week on a negative note, as key performance indicators fell by 1.07%, as sell-side actors pulled the plug on some stocks that had recently recorded gains.
Despite positive market breadth, the bearish performance was driven mainly by profit-taking in some large-cap stocks, particularly MTN Nigeria and GTCO.
The NGX All-Share Index fell by -2,142.83 basis points to close at 199,014.02, while market capitalisation fell by ₦1,375.54 billion.
Total Volume of all trades and the total value traded declined by -86.00% and -58.99% respectively, reflecting negative sentiment in the local bourse on Monday.
Stockbrokers reported that approximately 848.84 million units valued at ₦53,342.63 million were transacted across 139,458 deals.
UBA drove volume, accounting for 13.87% of all trading units executed in the market, followed by WEMABANK (13.60%), ACCESSCORP (6.65%), ZENITHBANK (4.64%), and GTCO (3.78%).
MTNN topped the value chart, accounting for 32.88% of total trade volume, making it the most traded on the exchange. PRESCO led the gainers chart with +10.00% uptick, trailed by ZICHIS (+9.91%), JOHNHOLT (+9.70%), PREMPAINTS (+9.62%), FTGINSURE (+9.45%), SOVRENINS (+8.74%), and thirty-seven others.
A total of twenty-two stocks depreciated, according to the market report. With a price depreciation of -9.64%, CONHALLPLC topped the worst performers’ chart, followed by DEAPCAP (-8.37%), GTCO (-8.18%), INTENEGINS (-7.67%), NB (-7.28%), and GUINEAINS (-6.77%).
MTN Nigeria lost 6.5% of its market value as investors took early profits ahead of the telecom company’s final dividend payment. Hence, the market breadth closed on a positive note, with 43 gainers and 22 losers.
Sectoral performance was negative. The Banking sector declined by -2.02%, followed by the Consumer goods sector (-1.13%), and the Insurance sector (-0.16%). The Oil & Gas and Industrial goods sectors appreciated by +0.31% and +0.17%, respectively. GTCO Falls by 7.4% as Investors Exit Positions
