Selloffs in MTN Nigeria, GTCO, and other stocks that closed lower caused the Nigerian Exchange (NGX) equities market capitalization to lose almost N239 billion at the start of the week.
Over 20% of MTN Nigeria’s share price increased last week, and GTCO’s weight on the local exchange increased by 18%. The market’s decline caused key performance metrics to fall by -0.40%. Due to profit-taking in several medium- and large-scale stocks, including MTNN, GTCO, and 16 other companies, the Nigerian exchange moderated even if the market breadth closed positively.
Thus, the 10-day good streak came to an end due to this poor performance, as stated by Atlass Portfolios Limited. The All-Share Index, which measures the market, dropped 421.91 basis points, or -0.40%, to close at 104,663.34.
Stockbrokers report showed that market activities inched higher even though equities market combined value plunged significantly. According to information from the NGX website, total volume and total value traded for the day increased by +32.34% and +115.75%, respectively.
Atlass Portfolios Limited to investors via email that approximately 287.49 million units valued at ₦10,800.56 million were transacted in 9,077 deals. UBA was the most traded stock in terms of volume, accounting for 16.09% of the total volume of trades. The Pan African lender was followed by GTCO (12.30%), TRANSCORP (7.48%), ZENITHBANK (7.48%), and FBNH (6.24%) to complete the top 5 on the volume chart.
TRANSPOWER was the most traded stock in value terms, with 33.58% of the total value of trades on the exchange, stockbrokers said in their separate market updates. ABCTRANS topped the advancers’ chart with a price appreciation of 9.86 percent, trailed by NEM with (+9.77%) growth, LIVESTOCK (+9.68%), NGXGROUP (+9.55%), THOMASWY (+9.34%), SOVRENINS (+9.30%), and twenty-one others.
Eighteen stocks depreciated, trading records reveal. MCNICHOLS was the top loser, with a price depreciation of -9.30%. Also on the loser chart are: DAARCOMM (-8.97%), MTNN (-7.58%), REGALINS (-5.13%), GTCO (-3.72%), and ZENITHBANK (-1.76%).
The market breadth closed positive, recording 27 gainers and 18 losers. In addition, the market sector performance was positive, as four of the five major market sectors closed in green.
The insurance sector grew by +2.95% followed by the banking sector, which surged by +2.53%, while the industrial sector popped higher by 0.03%, and the oil & gas sector went up by 0.01%. The consumer goods sector was down by -0.35%. Overall, the equities market capitalisation of the Nigerian Exchange lost ₦238.53 billion, representing a drop of -0.40%, to close at ₦59.18 trillion.
