On Tuesday, the Nigerian equities market ended its five-day bullish streak as the benchmark index shed 0.31 per cent to close at 51,803.98 basis points.
The bearish trade was largely due to sell-off activities on the shares of MTN Nigeria, as the telecommunication giant lost 2.0 per cent of its share value.
Also, sell-off Tier-1 banks – Access Corporation, Guaranty Trust Holding Company and Zenith Bank underpinned the market’s weak performance, having depreciated by 1.60 per cent, 0.72 per cent and 0.23 per cent respectively.
Accordingly, the Month-to-Date loss increased to -2.2 per cent, while the Year-to-Date return moderated to +21.3 per cent.
Equities investors at the Nigerian Exchange Limited (NGX) lost N85.65 billion as the market capitalisation settled at N27.93 trillion at the end of trading activities on Tuesday.
As measured by market breadth, market sentiment was negative as 19 tickers lost relative to 10 gainers.
University Press and NGX Group topped the losers’ list having depreciated in shares value by 9.7 per cent and 6.7 per cent respectively, while Sovereign Insurance and Chams recorded the most significant gains of the day after their respective share value appreciated by 8.0 per cent and 4.1 per cent.
Given the southward movement in the benchmark index, performance across sub-indices was largely negative except for the NGX Consumer Goods index which rose by 0.29 per cent. The NGX Banking index, NGX Insurance index, NGX Oil/Gas index and the NGX Industrial fell by 0.02 per cent, 0.06 per cent, 0.47 per cent and 0.03 per cent respectively.
However, market activities were impressive as analysis showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 393.67 per cent. A total of 314.61 million units of shares valued at N12.85 billion were exchanged in 4,708 deals.
Living Trust led the volume chart with 100 million units traded, while MTN Nigeria led the value chart in deals worth N9.87 billion.
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Sell-offs on MTN Nigeria stocks… Sell-offs on MTN Nigeria stocks… Sell-offs on MTN Nigeria stocks…
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