MTNN Midweek Loss Outweighs Gains
Nigerian equities market Wednesday remained bearish, as market capitalisation dropped by N30.6 billion, to close at N14,052,450 trillion.
The NSE-ASI lost 0.22 percent to close at 26,974.38pts to sustain the bearish sessions in the week.
Losses posted by MTN Nigeria overshot gains posted by combination of Buacement, GTBank, and others, to close the day’s market in the red. Market breadth index was negative with 16 losers against 11 gainers.
Sector performances were broadly positive today as Industrial (+1.95%), Banking (+0.38%) and Consumer Goods (+0.01%) closed in green. However, Oil & Gas closed flat.
In terms of activity levels, total volume and total value declined by 6 per cent and 23 per cent, compared to Tuesday’s data, as investors exchanged over 228million units of shares worth over N2.74billion.
The equities market closed down midweek due to the loss recorded in MTNN by 3.45 per cent, even as investment experts counsel investors to take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.
MTNN with N4 or 3.45 percent, led the day’s decliners, closing at N112 per share, followed by Vitafoam which dipped by N0.45 or 9.98 percent, to close at N4.06 per share, while REDSTAR as the third-highest loser, dipped by N0.4 or 9.98 percent, to close at N3.61 per share.
ETI closed at N6.25 per share, following a decline by N0.25 or 3.85 percent, while UPL closed the top five losers chart with N0.12 or 9.60 percent depreciation in share price, closing the day at N1.13 per share.
UBA emerged the most active stock with 81,116,783million shares worth N548, 899,336.15 million. Zenith Bank followed with 31,009,031 million shares, valued N590, 323,103.20 million, while ACCESS Bank as the third most active recorded 22,339,297million shares turnover, valued N201, 053,350.85 million.
Transcorp placed fourth in the activity chart with 12,461,908million shares worth N11, 243,606.47 million, while UCAP closed the top five active stocks chart midweek with 11,452,625million shares, valued N37, 916,151.19 million.
BUA Cement closed the day as the highest gainer with N1.25 or 3.48 percent growth, closing at N37.15 per share, followed by EKOCORP with N0.3 or 5.77 percent growth, to close at N5.5 percent, while UBA, as the third-best gainer, rose in equity price by N0.3 or 4.38 percent, ending the day at N7.15 per share.
GTBank, as the fourth-best gainer, appreciated by N0.2 or 0.75 percent, ending the day at N27 per share, while FCMB closed the top five gainers group with N0.11 or 6.29 percent, closing at N1.86 per share.
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