Equities Market Sustains Bearish Trend, Dips 0.66% On Profit-taking In MTN Nigeria
The Nigerian Exchange Limited (NGX) equities market section on Monday sustained last week’s negative run as the All-Share Index dipped by 0.66 per cent.
The All Share Index (ASI) declined by 441.95 basis points or 0.66 per cent to close at 66,882.64 basis points. Accordingly, market capitalisation shed by N242 billion to close at N36.605 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Access Holdings, United Capital, Dangote Sugar Refinery, and Oando.
This week, United Capital Plc said “We expect mixed investors’ sentiments in the equities market. First, we expect the positive sentiments toward Tier-one banks to continue, given their strong performance in H1-2023. Similarly, investors may continue to take positions in fundamentally sound stocks. However, we note that some investors may book profits off stocks that have recorded impressive price appreciations.”
As measured by market breadth, market sentiment was negative, as 36 stocks lost relative to 15 gainers. Ikeja Hotel recorded the highest price gain of 10 per cent to close at N2.75, per share. John Holt followed with a gain of 9.70 per cent to close at N1.81, while Cornerstone Insurance rose by 9.49 per cent to close at N1.50, per share.
Regency Alliance Insurance went up by 8.57 per cent to close at 38 kobo, while Tantalizers and Linkage Assurance appreciated by 6.67 per cent each to close at 32 kobo and 80 kobo, per share.
On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.87 per cent, to close at N1.37, per share. Access Holdings followed with a decline of 9.86 per cent to close at N15.55, while Oando declined by 9.70 per cent to close at N10.70, per share.
The Initiates Plc (TIP) depreciated by 9.65 per cent to close at N1.03 and RT Briscoe Nigeria declined by 9.52 per cent to close at 38 kobo, per share.
The total volume traded declined by 60.3 per cent to 408.19 million units, valued at N5.44 billion, and exchanged in 7,707 deals. Transactions in the shares of Access Holdings topped the activity chart with 113.391 million shares valued at N1.781 billion. United Bank for Africa (UBA) followed with 59.615 million shares worth N1.049 billion, while Unity Bank traded 27.791 million shares valued at N28.427 million.
Universal Insurance traded 17.572 million shares valued at N3.390 million, while Transnational Corporations (Transcorp) sold 16.790 million shares worth N103.698 million.