Sell-offs in MTNN, FMN further dips equities market by 0.1 per cent

Equities trading on the Nigerian Stock Exchange maintained previous day sentiments as the Market indicators shed 0.1 per cent on a negative trade on Tuesday.

The negative trend was due to significant sell-offs of MTN Nigeria and Flour mills of Nigeria stocks whose value depreciated by 0.9 per cent 6.7 per cent respectively.

Precisely, the All-Share Index declined by 0.1 per cent to 24,930.88 basis points, just as market capitalization closed N13.02 trillion respectively. Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.3 per cent and -7.1 per cent respectively.

Performance across sectors was also negative, as all sectors, save the Industrial Goods index, recorded declines. The Insurance index led the declines by 2.1 per cent, with the Oil and Gas (-0.6%), Consumer Goods (-0.2%) and Banking (-0.1%) indices the following suit by 0.6, 0.2 and 0.1 percentile respectively.

The total volume of trades decreased by 15.7 per cent to 200.39 million units, valued at N1.59 billion and exchanged in 4,194 deals. FBN Holdings was the most traded stock by volume at 26.95 million units, while Zenith Bank was the most traded stock by value at N368.47 million.

Market sentiment, as measured by market breadth, was negative as 22 stocks declined, relative to 12 gainers. Neimeth Pharmaceuticals and Prestige were the top losers of the day, while Fidson and Caverton recorded the largest gains.

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