Stock Market Slumps as MTN, FCMB Depreciate

Stock Market Slumps as MTN, FCMB Depreciate

Key performance indicators of the Nigerian Exchange (NGX) declined marginally on Thursday as market capitalisation which open at N25.959 trillion, lost N2 billion to close at N25.957 trillion.

Trading data shows that year to date moderated to 11.6% while the All-Share Index (ASI) closed lower by 3.4 points or 0.01 per cent to settle at 47,656.64 points compared with 47,660.04 recorded on Wednesday.

Selloffs in MTN Nigeria Stock led to the downturn in the performance of the market. However, market sentiment, as measured by market breadth, was positive, as 11 stocks gained relative to nine losers. Shares of Nigerian small banks were down.

UPDC Real Estate Investment Trust recorded the highest price gain of 9.09 per cent to close at N3 per share. McNichols followed with a gain 8.93 per cent to close at 61k, while Japaul Gold and Ventures appreciated by 7.41 per cent to close at 29k per share.

Nigerian Breweries went up by 7.14 per cent to close at 45k per share. Also, Royal Exchange Assurance rose by 4.76 per cent to close at 66k per share. READ: NASD Dips as Friesland Campina, UBN, CitiTrust Depreciate

On the other hand, Honeywell Flour Mill led the losers’ chart by 7.89 per cent to close at N2.10, RT Briscoe followed with a decline of 7.41 per cent to close at 25k and Wema Bank shed 5.45 per cent to close at N3.12 per share.

FCMB Group lost 4.18 per cent to close at N3.21, while Cutix Plc shed 3.46 per cent to close at N2.5 per share.  Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 115.63 per cent.

A total of 172.90 million shares valued at N2.84 billion were exchanged in 3,073 deals.

Sectoral performance ended on a mixed note as the Banking (+2.2%) and Consumer Goods (+0.8%) indices recorded gains. Meanwhile, the Insurance (-0.1%) and Oil & Gas (-0.1%) indices declined. The Industrial Goods index remained flat. #Stock Market Slumps as MTN, FCMB Depreciate

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