NGX Slips over Selloffs in MTN Nigeria, FirstHoldco
The Nigerian Exchange (NGX) All-share index (ASI) slipped slightly as MTN Nigeria, First Holdco, and other mid- and large-cap stocks retreated after a string of gains.
The Nigerian equity market closed the week in negative territory, as key market performance indicators both recorded a marginal decline of 0.02%.
Stockbrokers at Atlass Portfolio Limited said in its investor’s note that the market retreat was triggered primarily by profit-taking activities in some recently appreciated medium-cap and blue-chip stocks.
Stockbrokers acknowledge that prices of MTNN, ZENITHBANK, FIRSTHOLDCO, among others, have depreciated due to selling pressures.
Specifically, the NGX All-Share Index fell by -44.83 basis points to close at 200,913.06, while market cap fell by ₦28.78 billion to close at ₦128.97 trillion.
Total volume of all trades and their total value declined by -12.24% and -26.17%, respectively. Broad Street reported that approximately 595.15 million units valued at ₦24,465.91 million were transacted across 43,440 deals.
WEMABANK topped the volume chart, accounting for 22.29% of all units executed in the local bourse to emerge as the most traded stock, followed by LEGENDINT (7.05%), ZICHIS (5.97%), ACCESSCORP (4.99%), and JAPAULGOLD with 3.65%.
In terms of value traded, WEMABANK accounted for 14.21% of total trade, making it the most traded on the exchange. PREMPAINTS and ZICHIS topped the gainers chart, up +9.97% each, then trailed by MCNICHOLS (+9.93%), JOHNHOLT (+9.86%), TRANSEXPR (+9.75%), SKYAVN (+9.70%), EUNISELL (+9.69%), and twenty-five others.
A total of thirty-six stocks depreciated. With a price depreciation of -10.00% each, ABBEYBDS, CADBURY, ETERNA, and ETRANZACT topped the worst performers’ chart, followed by DAARCOMM (-9.50%), LEARNAFRICA (-9.09%), NSLTECH (-7.14%), RTBRISCOE (-6.87%), and LEGENDINT (-6.02%).
Hence, the market breadth closed on a negative note, with 32 gainers and 36 losers. The sectoral performance was positive. The Oil & Gas sector increased by +1.78%, followed by the Insurance sector (+0.31%), and the Industrial goods sector (+0.003%).
The Consumer goods and Banking sectors declined by -0.89% and -0.23%, respectively. #NGX Slips over Selloffs in MTN Nigeria, FirstHoldco Treasury Bills Yield Climbs as Nigeria’s Inflation Slows
