Stock Market Return South on Profit-taking in MTN Nigeria, Others

Kayode Tokede

Bearish sentiments resurfaced in the stock market segment yesterday, halting a three-day winning streak, as investors profit-taking in MTN Nigeria Communication Plc, 16 others dragged the Nigerian Exchange Limited All-Share Index (NGX ASI) down by 0.1per cent to 105,475.38 basis points.

The 2.69 per cent drop in MTN Nigeria Communication to N238.40 per share contributed to the stock market downward movement.

Sequentially, the NGX ASI’s Month-to-Date and Year-to-Date returns settled lower at -2.2per cent and +2.5per cent, respectively.

Also, market capitalisation dipped by N74 billion to close at N66.141 trillion.

Sectoral performance was broadly positive as the NGX Insurance Index (+2.6per cent), NGX Consumer Goods Index (+0.4per cent), and NGX Banking Index (+0.1per cent) closed higher. The NGX Industrial Goods Index and NGX Oil & Gas indices remained unchanged.

However, the market breadth closed positive, as 31 stocks gained relative to 17 losers. Mutual Benefits Assurance emerged the highest price gainer of 10 per cent to close at 88 kobo, per share.

Royal Exchange followed with a gain of 9.88 per cent to close at 89 kobo, while NEM Insurance rose by 9.84 per cent to close at N13.40, per share.

Lasaco Assurance increased by 9.56 per cent to close at N2.75, while eTranzact International appreciated by 9.52 per cent to close at N5.75, per share.

On the other side, ABC Transports led others on the losers’ chart with 9.80 per cent to close at N1.38, per share. Universal Insurance followed with a decline of 8.33 per cent to close at 55 kobo, while DAAR Communications declined by 6.45 per cent to close at 58 kobo, per share.

Champion Breweries lost 5.00 per cent to close at N3.80, while Africa Prudential depreciated by 3.97 per cent to close at N14.50, per share.

Investors on the Nigerian stock market traded a total of 5.760 billion shares valued at N342.605 billion in 10,908 deals.

Also, transactions in the shares of Lafarge Africa led the activity with 4.474 billion shares worth N330.146 billion. Sovereign Trust Insurance followed with account of 607.057 million shares valued at N607.081 million, while Cutix traded 358.333 million shares valued at N860.044 million.

Fidelity Bank traded 61.858 million shares worth N1.178 billion, while Access Holdings traded 43.792 million shares worth N973.747 million.