Sell-Offs In MTN, PZ, International Breweries Trigger NGX’ N516.7bn Loss
Profit-taking occasioned by huge self-offs in highly capitalized stocks has pushed the Nigerian Exchange Limited (NGX) to close bearish Tuesday.
The market had also lost 1.11 per cent in value during Monday’s trading session.
However, on Tuesday, the All-Share Index (ASI) fell 958.16 index points or 1.9 per cent, as the index closed at 50,442.37 basis points down from 51,400.53 basis points.
Remarkably, the market capitalization which is the total value of all listed equities on the domestic bourse depreciated by N516.7 billion, representing 1.9 per cent dip to settle at N27.20 trillion compared to N27.72 trillion recorded on Monday.
The sell-off that pushed the NGX down was seen in large and medium scale equities. Amongst them are; Trans-nationwide Express Plc, International BreweriesPlc, MTN Nigeria Plc, PZ Cussons plc, and Berger Paints Plc.
The market turnover rose by 58 per cent as investors bought and sold 156.17 million valued at N2.94 billion in 4,618 deals unlike the 98.85 million shares worth N2.51 billion in 4,314 deals transacted the previous day.
The market breadth closed negative with 38 parts compared to three stocks advancing.
The laggard table was led in percentage terms by Trans-nationwide Express Plc, as the firm dipped 10 per cent to close at N0. 63 kobo per share.
International Brewerries Plc closely followed when the brewing company lost 9.91 per cent to close at N5 per share, while MTN Nigeria Plc nosedived 9.62 per cent to settle at N192.50 kobo per share.
Likewise, PZ Cussons plc and Berger Paints Plc fell 9.62 per cent and 9.49 per cent to close at N9. 40 kobo and N6.20 kobo per share respectively.
Conversely, the only three stocks that recorded gains during Tuesday’s trading session were led in percentage parameters by Livestock Feeds Plc. It rose by 1.63 per cent to settle at N1.25 kobo per share.
In the same vein, FBN Holdings Plc appreciated by 1.36 per cent to settle at N11.15 per share, while Sterling Bank Plc soared by 1.32 per cent to close at N1.53 kobo per share.
Analysis of the NGX market activity chart shows that Flour Mills Plc was the most active and valuable stock as the Millers transacted a total of 19.32 million units of shares worth N618.05 million.
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