Categories: Business

Profit taking on MTN Nigeria stocks dips market further by 0.1 per cent

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3 years ago

Profit-taking activities continued at the Nigerian Exchange Limited (NGX) in the domestic equities market, with MTN Nigeria weighing down the bourse on Tuesday.

Thus, the All-Share Index declined by 0.1 per cent to 49,642.69 basis points. Consequently, the Month-to-Date and Year-to-Date returns printed -1.4 per cent and +16.2 per cent, respectively.

Market Capitalisation followed suit the direction of the ASI to stand at N26.776 trillion, representing a 0.07 per cent decrease from the N26.794 trillion it stood at the end of the previous trading session, as investors networth waned by N18 billion in the session.

As measured by market breadth, market sentiment was mixed as an equal number of tickers gained and lost. On the performance chart, Courtville and FCMB Group topped the losers’ list having depreciated in stock value by 7.7 per cent and 4.1 per cent respectively, while E-Tranzact and Sovereign Insurance recorded the most significant gains of the day after their share price appreciated by 9.5 per cent and 7.7 per cent apiece.

Sectoral performance was mixed, as the Oil & Gas and Insurance indices recorded gains having appreciated in value respectively by 0.1 per cent, while the Banking index declined by 0.1 per cent. The Industrial Goods and Consumer Goods indices closed flat.

Market activity as measured by the volume of trades waned in the session with daily traded volume standing at 125.950 million units, representing a 45.93 per cent downtick from a volume of 232.945 million units traded in the previous session.

The value of those traded stocks on the other hand improved by 40.57 per cent in the session to stand at N3.073 billion as against a value of N2.186 billion recorded in the previous trading session.

The financial service sector dominated the volume charts with Mutual Benefits as the top traded stock by volume for the trading session, followed by Fidelity Bank, Access Corporation, FBN Holdings and MTN Nigeria to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, MTN Nigeria took the lead of the top five performers, flanked by Airtel Africa, Nestle Nigeria, Zenith Bank and Dangote Cement.

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