NGX Tumbles by N313bn as Investors Sell MTN Shares
The Nigerian bourse fell significantly on Monday following a selling bazaar which resulted in about a N313 billion loss. Equities investors reduced their positions in MTN Nigeria stock after the telecom giant’s move to clear the air on the unsettled allegations about inflated tax payments to Federal Inland Revenue Service in the recent time.
The sustained selling rallies which continue on Monday after the stock market’s negative performance last week have now dragged the year-to-date return decline to 20.3%. Market data shows that the Nigerian Exchange (NGX) All-Share Index (ASI) dipped by 579.39 points to close at 51,400.53. Market capitalisation lost ₦312.72 to close at ₦27.72 trillion.
The total volume traded increased by 51.8% to 98.85 million units, valued at N2.51 billion, and exchanged in 4,314 deals. UBA was the most traded stock by volume, while AIRTELAFRI was the most traded stock by value at N2.51 billion.
UBA emerged as the most traded stock in terms of volume, accounting for 16.04 percent of the total volume of trades. The Pan-African lender was followed closely by ZENITH BANK (12.42%), TRANSCORP (5.50%), GTCO (5.16%), and DANGSUGAR (4.23%) to complete the top five on the volume chart.
Following the announcement of its Kenya spectrum acquisition today, AIRTELAFRI appeared as the most traded stock in value terms, with 45.55 percent of the total value of trades on the exchange. READ: Treasury Bill Yield Rises as Naira Tumbles
FTNOCOA, CAP, and NAHCO topped the advancers’ list with a price appreciation of 10.00 percent each. The company was trailed closely by ZENITH BANK (4.58%), INTBREW (2.78%), STERLNBANK (0.67%), WAPCO (0.41%), and six (6) others.
Stockbrokers said seventeen stocks depreciated, topped by MTNN with a price depreciation of 6.99 percent, to close at ₦213 – from the peak price of N230 amidst questions about inflated tax payment to Federal Inland Revenue Services.
UCAP share lost 5.51%, UBA dipped 2.74%, FBNH sank 1.79%, ACCESSCORP fell 1.10% and GTCO declined by 0.24%. Also, NGXGROUP went down 0.24% and OANDO’s share price pulled back by 0.19%.
Overall, the Nigerian bourse ended weaker across key performance scores; market breadth closed negative, recording 13 gainers and 15 losers. On sectorial performance, Stockbrokers said trading activities were bullish as four of the five sectors closed positively compared to the previous session.
This was led by Banking (1.03%), Consumer Goods (0.12%), Insurance (0.06%), and Industrial Goods (0.04%). While the Oil & Gas sector dipped by 0.03%. #NGX Tumbles by N313bn as Investors Sell MTN Shares
