Stock Exchange Loses 1.11% As Traders Sell-Off MTN, UBA, Others

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Stock Exchange Loses 1.11% As Traders Sell-Off MTN, UBA, Others

On Monday, the Nigerian Exchange (NGX) Limited experienced panic selling since the macroeconomic indices are not improving.

This further depressed the stock market by 1.11 percent throughout the day as profit-taking activity predominated, with blue-chip equities being the primary offenders.

Yesterday’s market had 17 price decliners, with MTN Nigeria leading the pack as its value dropped by 6.99% to trade at N213. RT Briscoe dipped by 5.00% to 38 Kobo, Cutix by 5.46% to N2.25 and Sovereign Trust Insurance by 3.70% to settle at 26 Kobo. United Capital sank by 5.51 per cent to sell for N12.00.

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13 stocks, on the other side, increased in value, with the trio of CAP, NAHCO, and FTN Cocoa topping the table after each increased by 10% to trade at N18.70, N6.05, and 33 Kobo, respectively. Multiverse also increased in value by 7.89% to N2.05, and Unity Bank increased by 7.14% to 45 Kobo.

Stock Exchange Loses 1.11% As Traders Sell-Off MTN, UBA, Others

During the trading day, UBA emerged as the most traded stock, selling 15.9 million units valued at N114.2 million, while Zenith Bank traded 12.3 million units worth N262.3 million.

Further, Transcorp sold 5.4 million equities worth N6.2 million, GTCO exchanged 5.1 million shares for N105.7 million, while Dangote Sugar transacted 4.1 million stocks valued at N66.8 million.

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At the close of trades, 98.9 million stocks worth N2.5 billion were traded in 4,314 deals compared with the 205.1 million stocks worth N3,1 billion transacted in 3,600 deals in the preceding session, representing a decline in the trading volume and value by 51.79 per cent and 17.77 per cent respectively and an increase in the number of deals by 19.83 per cent.

Stock Exchange Loses 1.11% As Traders Sell-Off MTN, UBA, Others

Business Post reports that the energy sector depreciated by 0.03 per cent on the first trading session of the week, while the banking, consumer goods, insurance and industrial goods counters appreciated by 1.03 per cent, 0.12 per cent, 0.06 per cent and 0.04 per cent respectively.

But when the market closed for the day, the All-Share Index (ASI) was down by 579.39 points to 51,400.53 points from 51,979.92 points as the market capitalisation declined by N313 billion to settle at N27.718 trillion in contrast to the previous session’s N28.031 trillion.

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