MTN, Dangote Cement, Gtbank, Others Drown NSE Index 0.22%
UMORU ABDULKADIR
The Nigerian Stock Exchange (NSE) recorded another dip in trading on Friday as the All-Share Index went down by 0.22 per cent to close at 26,855.52 points.
The All-Share index declined by 58.18 basis points or 0.22 per cent to finish at 26,855.52 points lower than 26,913.70 points recorded on Thursday while the market capitalization shed N28 billion to close at N12.962 trillion as against the N12.990 trillion of the previous trading day.
Consequently, its Year-to-Date (YTD) returns currently stands at -14.56 per cent as the market breadth closed positive as UACN Property Development Company leading 15 gainers against 11 losers topped by MTN Nigeria in terms of value at the end of today’s session, improved performance when compared with Thursday.
In all, a total of 197.04 million shares valued at N3.53 billion were traded in 3,989 deals with the total trade volume decreasing by 4.93per cent while the value of traded shares rose by 24.13 per cent
An analysis of the activity chart shows that UACN Property Development Company led the activity chart with 33.02 million shares valued at N282.9 million traded in 251 deals followed by Access Bank which exchanged a total of 28.7 million shares estimated at N263.7 million achieved in 245 deals.
United Bank for Africa had 24.4 million turnover worth N164.1 million in 341 deals. While Zenith Bank accounted for 18.9 million shares estimated N354.4 million in 354 deals Dangote Cement sold 12.8 million shares worth N1.79 billion achieved in 111 deals to boost market volume and value respectively.
A look at the price movement chart shows that MTN Nigeria led the worst performing stocks on the day with 100 kobo loss to at N118 per share, followed by Dangote Cement dipped 30 kobo to close at N142.7 per share a unit of share. Both Guaranty Trust and United Bank for Africal shed 20 kobo each to close to close at N29.9 and N6.7 per share respectively. University Press lost 11 kobo to close at N1.35, per share, among others.
On the other hand, the gainers chart was led by UACN Property which gained 55 kobo to close at N8.60 per a unit of share, followed by both Dangote Sugar and Access Bank which each nicked 20 kobo to close at N15 and N9.25 kobo per share respectively. While Sterling Bank added 8 kobo to close N1.98 per share, TransExor appreciated by 7 kobo to close at N0.99 per share.
On the market outlook on Friday, an analyst at Ecobank, Mr. Kunle Ezun said today’s loss was due to the sell pressure on medium and highly cap stocks, including the two most capped stocks of MTN Nigeria and Dangote Cement, among others.
He said, given the fragile appetite of investors to buy at this moment, the bearish run is expected to continue from next week.
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