The performance of telecom giant MTN Nigeria Plc and cement giant Dangote Cement was weakened by profit-taking, sending the equities segment of the Nigerian Exchange (NGX) further into bear territory.
After losing N622 billion on Monday, the local stock exchange ended the previous week in the red as purchasing emotions started to wane as the first quarter of the year came to an end. According to trading information gathered from the local exchange, the following large-cap stocks had losses: DANGCEM dropped 4.17% and MTNT lost 4.3%.
The market capitalization decreased by 138 billion, while the All-share index fell by -0.47% following four consecutive trading session losing streaks. The market index specifically dropped by 252.50 basis points to conclude at 53,498.27 (previously 16.0%).
The total volume of trading for the day climbed by 97.97% but the total value of trading decreased by -55.65%, indicating that market activity was mixed. In a market statement, stockbrokers at Atlass Portfolios Limited reported that 3,028 transactions totaling about 199.71 million units worth $1,925.65 million had taken place.
With 61.49 million shares worth N85.31 million trading hands in 151 trades, TRANSCORP was the most active stock. The corporation was responsible for 30.32 percent of the entire volume of deals, followed by FIDELITYBK (13.29 percent), CUSTODIAN (9.85 percent), STERLNBANK (9.20 percent), and GTCO (5.79 percent)..
Meanwhile, GTCO was the most traded stock in value terms, with 14.18% of the total value of trades on the exchange. PZ topped the advancers’ chart with a price appreciation of 9.62 percent, trailed by INTENEGINS 9.24% gain. MULTIVERSE share price rose by 8.72%, FTNCOCOA pop up by 7.69%, and REGALINS advanced by 6.90%.
Nine stocks depreciated, stockbrokers stated. CHAMS was the top loser, with a price depreciation of -8.00%, as UACN (-5.76%), DANGCEM (-4.17%), FIDSON (-2.95%), and PRESTIGE (-2.44%) also dipped in price. Trading results showed that the market breadth closed positive, recording 16 gainers and 9 losers while sector performance closed positive.
Three of the five major market sectors were up; topped by the Consumer goods sector (+1.50%), followed by the Insurance sector (+0.46%), and the Banking sector (+0.27%). The Industrial sector dropped by (-2.18%) while The Oil & Gas sector was unchanged. Overall, the equities market capitalisation declined by ₦137.55 billion to close at ₦29,143.79 trillion from ₦29,281.34 trillion yesterday.
