Profit-taking dampens bullish run as investors lose N8.9bn

Equities trading at the Nigerian Exchange Limited (NGX) closed southwards on Monday as profit-taking put a halt to the bullish trend associated with the local bourse recently.

Trading at the local bourse started the week marginally lower, as late sell-offs of CAP triggered a 4bps decline in the All-Share Index (ASI) to 39,505.40 basis points.

Consequently, Month-to-Date and Year-to-Date return printed +2.5 per cent and -1.9 per cent, respectively.
Owing to the negative trade, equities investors lost N8.9 billion as the market capitalisation settled at N20.6 trillion as against an opening of N20.59 trillion.

As measured by market breadth, market sentiment was however positive as 23 tickers gained, relative to 15 losers.
On the performance chart, MRS and May&Baker recorded the most significant gains of the day having appreciated by 9.9 per cent and 9.8 per cent respectively, while ABC Transport and Lasaco Insurance topped the losers’ list after their respective shares declined in value by 8.3 per cent and 6.7 per cent.

Sectoral analysis indicated that the Banking, Oil & Gas and Industrial Goods indices declined by 0.7 per cent, 0.3 per cent and 0.1 per cent respectively, while the Insurance and Consumer Goods indices closed flat.

Activities at the local bourse on Monday was unimpressive as the total volume of trades declined by 25.2 per cent to 141.28 million units, valued at N1.64 billion, and exchanged in 3,393 deals.

Meanwhile, E-Tranzact was the most traded stock by volume at 16.19 million units, while Nestle Nigeria was the most traded stock by value at N491.95 million.

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CLAIM: A viral Whatsapp message claims that mobile telecommunications company, MTN, is giving out N20,000 cash, 5GB worth of data, and cars to celebrate its 20th anniversary in Nigeria.

VERDICT: FALSE! To mark its 20th anniversary, MTN, instead, gave all its customers free calls of up to 5 minutes, free 200MB data and promised to give 20 Honda HRVs to 20 customers.

FULL STORY: On Sunday, August 8, 2021, a viral WhatsApp message claims that mobile telecommunications giant, MTN, is giving out N20,000 cash, 5GB worth of data and cars to celebrate its 20th anniversary in Nigeria.Profit-taking dampens bullish run as investors lose N8.9bn

Profit-taking dampens bullish run as investors lose N8.9bn