Friday, March 24, 2023

NGX opens week bearish on MTNN loss

The market negative performance was driven by price depreciation in large and medium capitalised stocks.

• February 7, 2022
Nigerian Exchange
Nigerian Exchange [Photo Creadit: Business Live Nigeria]

The Nigerian Exchange (NGX) started the week on Monday on a negative note due to profit-taking witnessed in MTN Nigeria and 22 others.

Specifically, the market capitalisation declined by N41 billion or 0.16 per cent to close at N25.436 trillion from N25.477 trillion on Friday.

Also, the NGX All-Share Index settled at 47,203.39 or 0.16 per cent compared with 47,279.92 recorded on Friday.

Consequently, the month-to-date and year-to-date return moderated to 1.2 per cent and 10.5 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Okomu Oil, Seplat Energy, MTNN, PZ Cussons and NEM Insurance.

This week, analysts at United Capital expected the market to maintain its bullish momentum as investors take positions ahead of the dividend season amidst pockets of profit-taking.

Market breadth closed at par recording 23 gainers and 23 losers.

Okomu Oil led the losers’ chart in percentage terms by 10 per cent to close at N127.80 per share.

NEM Insurance followed with 9.61 per cent to close at N3.01, while Guinea Insurance lost 9.09 per cent to close at 20k per share.

Pharma-Deko dipped 8.59 per cent to close at N1.81, while Oando shed 7.95 per cent to close at N4.75 per share.

On the other hand, SUNU Assurances led the gainers’ chart in percentage terms by 10 per cent to close at 33k per share.

SCOA followed with a gain of 9.60 per cent to close at N1.37 per share.

Prestige Assurance and R.T. Briscoe was up by 7.14 per cent each to close at 45k and 30k per share, respectively.

Japaul Gold and Ventures appreciated by 5.41 per cent to close at 39k per share.

In all, the total volume of shares traded increased by 36.99 per cent to 285.48 million units valued at N5.13 billion exchanged in 5,342 deals.

This was in contrast with a total of 225.69 million shares worth N2.39 billion traded in 4,093 deals on Friday.

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 44.93 million shares valued at N1.23 billion.

Transcorp followed with 23.59 million shares worth N27.49 million, while Fidelity Bank traded 23.21 million shares valued at N66.40 million.

Nigerian Breweries traded 18.18 million shares valued at N872.54 million, while FBN Holdings (FBNH) transacted 13.46 million shares worth N149.39 million.


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