Sell-off on MTN Nigeria stocks drive market 1.8 per cent lower

Equities trading at the Nigerian Exchange Limited (NGX) maintained bearish stand as Investors Investors sold off MTN Nigeria shares which plummeted by ten per cent at the close of trading activities on Wednesday.

Precisely, the benchmark index declined by 1.8 per cent to close at 42,463.16 basis points.

Accordingly, the Year-to-Date gain of the All Share Index (ASI) moderated to +5.4 per cent.

Other contributing factor to the dip in the ASI was the investor’s negative sentiment on UPDC which persisted, leading to another 7.48 per cent weight loss on the share price of the property development company.

Other stocks on the bottom losers include African Prudential, Royal Exchange and Flour Mills of Nigerian.

Meanwhile, as measured by market breadth, market sentiment was negative, as 21 tickers lost relative to 14 gainers.

On the performance chart, MTN Nigeria and Africa Prudential topped the losers’ list having depreciated in market value by ten per cent and 7.7 per cent respectively, while Cornerstone Insurance and Mansard Insurance recorded the most significant gains of the day, as they appreciated in stock value by 7.7 per cent and 7.6 per cent.

On sectors, the Banking, Consumer Goods and Oil & Gas indices declined by 1.2 per cent, 0.1 per cent and 0.1 per cent respectively, while the Insurance index gained 0.8 per cent. The Industrial Goods index closed flat.

However, there was an uptick in activities at the local bourse on Wednesday as the total volume of trades increased by 49.2 per cent to 335.48 million units, valued at N3.55 billion, and exchanged in 3,891 deals. FBN Holdings was the most traded stock by volume and value at 134.00 million units and N1.57 billion, respectively.

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Sell-off on MTNN stocks drive market 1.8 per cent lower

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