Bearish sentiments returned to the equities market on Wednesday with a N34 billion loss, following investors’ profit-taking activities in MTN Nigeria Communications (MTNN) Plc and 14 others.
The benchmark, the Nigerian Exchange Limited All-Share Index (NGX ASI) shed nine basis points to drop the All-Share Index to 71,003.98 basis points from its previous close of 71,066.64 basis points.
Similarly, the overall market capitalisation value shed N34 billion to close at N39.048 trillion.
The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks which are MTN, Dangote Sugar Refinery, FBN Holdings (FBNH), C&I Leasing, and Lafarge Africa.
Investor sentiment, as measured by market breadth, remained positive as 36 stocks advanced, while 15 declined.
DAAR Communications, R. T. Briscoe, and Unity Bank recorded the highest price gain of 10 percent each to close at 33 kobo, 66 kobo, and N1.54 respectively, per share.
MeCure Industries followed with a gain of 9.96 percent to close at N7.62 and Multiverse Mining and Exploration was up by 9.82 percent to close at N4.81, per share.
On the other hand, C&I Leasing led the losers’ chart by 7.56 percent to close at N5.26, per share. Prestige Assurance followed with a decline of 7.55 percent to close at 49 kobo, while International Breweries lost 5.56 percent to close at N4.25, per share.
UPDC Real Estate Investment Trust was down by 4.60 percent to close at N4.15, while FBNH declined by 4.00 percent to close at N19.20, per share.
The total volume traded declined by 12.8 percent to 428.44 million units, valued at NGN7.37 billion, and exchanged in 6,677 deals.
Transactions in shares of Veritas Kapital Assurance topped the activity chart with 62.079 million shares valued at N22.865 million. Unity Bank followed with 38.656 million shares worth N59.406 million, while Guaranty Trust Holding Company (GTCO) traded 33.873 million shares valued at N1.284 billion.
United Bank for Africa (UBA) traded 19.722 million shares valued at N407.355 million, while Jaiz Bank transacted 19.046 million shares worth N30.627 million.
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