Equities Investors Lose N48bn As MTNN, FBNH Tumble

Date:

By Yahaya Umar 

Equities investors wealth was down yesterday as selloffs in MTN Nigeria, FBN Holdings, and some other stocks dragged the Nigerian Exchange ,NGX, market capitalisation down by about N48 billion.

Profit taking activities relaunched by investors seeking quick exit after the Sallah break negative dragged market performance indicators lower by 0.08%. Despite the market breadth closing largely positive with 39 gainers, negative price movement in MTNN, FNBH, and 13 others was heavier, reversing intruding gain. 

According to data from the local bourse, the All-Share Index fell by 84.34 basis points to close at 99,840.95. On the other hand, equities market activities were uptrending. Total volume and total value traded increased by +334.92% and +233.02%, respectively.

In its market update, Atlass Portfolios Limited said approximately 1,383.48 million units valued at ₦16,484.39 million were transacted in 9,899 deals.  FIDELITYBK was the most traded stock in terms of volume, accounting for 75.79% of the total volume of trades.

Additional volume drivers include AIICO, which contributed 4.39% of the traded volume; VERITASKAP was responsible for 4.04% of the volume; UBA shares were responsible for 1.57% of the volume; and ZENITHBANK, was responsible for 1.11% of the volume traded

FIDELITYBK was also the most traded stock in value terms, with 68.70% of the total value of trades on the exchange.  UPL topped the advancers’ chart with a price appreciation of 10.00% trailed by GUINNESS, whose price surged by +9.96%.

Other gainers are: CHAMPION (+9.83%), HONYFLOUR (+9.52%), VERITASKAP (+9.46%), CILEASING (+9.41%), and thirty-three others.

The trading record showed that fifteen stocks depreciated. CAVERTON was the top loser, with a price depreciation of -9.62%.  Other decliners are ABCTRANS (-9.52%), NB (-8.37%), MTNN (-2.67%), FBNH (-2.65%), and UBA (-1.34%).

Despite the loss in equities value, the market breadth closed positive, recording 39 gainers and 15 losers.  Stockbrokers, however, reported that the market sector performance closed on par, as two of the five major market sectors closed in the green.

The banking index was up +0.51%, and the oil & gas index rose by +0.08%, while the insurance and consumer goods sectors dropped by -0.14 and -0.09%, respectively. The Industrial sector closed flat. Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦47.62 billion to close at ₦56.48 trillion.

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