Selloffs on MTNN, others dip stock market by 1.1%

Equities trading at the Nigerian Exchange Limited (NGX) kicked off the new week bearish, as the All Share Index (ASI) shed 1.1 per cent to close at 64,337.52 basis points.

Basically, sustained selloffs in telco heavyweight MTN Nigeria Communication and Tier-1 banks; Zenith Bank, Guaranty Trust Holding Company were the primary drivers of the market decline, having dipped in share value by 3.68 per cent, 0.29 per cent and 1.08 per cent, respectively. 

As a result, the Month-to-Date and Year-to-Date gains moderated to +5.5 per cent and +25.5 per cent, respectively.

Equities investors at the local bourse, therefore lost N591.20 billion from their overall investment as the market capitalization settled at N35.01 trillion at the close of trading activities on Monday.. 

As measured by market breadth, market sentiment was negative as 49 tickers lost relative to 18 gainers. On the performance board, Caverton and Livestock topped the loser’s list having dipped in share value by 10.0 per cent respectively, while Linkage Assurance and Mansard Insurance recorded the highest gains of the day after their respective share prices appreciated by 10.0 per cent.

Performance across sub-sector gauges tracked was weak as the NGX Banking, NGX Consumer Goods, and NGX Industrial indexes rose by 2.55 per cent, 1.42 per cent, and 0.03 per cent, respectively. On the other hand, the NGX Insurance and NGX Industrial indices rose by 1.58 per cent and 0.03 per cent, respectively. 

Meanwhile, market activity improved, with total deals, volume, and value increasing by 21.57 per cent, 46.47 per cent, and 21.12 per cent, respectively, amounting to 9,788 trades, 673.42 million units, and N6.47 billion. 

In terms of volume, Abbey emerged as the most actively traded stock, with 112.26 million shares worth N112.27 billion changing hands in 94 deals. In terms of volume, UBA emerged as the most actively traded stock, with 57.62 million shares worth N832.31 billion changing hands in 422 deals.

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