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Losses in MTNN, 13 stocks drag capitalisation further by N76bn

By Helen Oji
23 December 2021   |   3:01 am
The Nigerian Exchange Limited (NGX) sustained a sliding profile at the end of yesterday's transactions occasioned by losses in MTN Nigeria Communication (MTNN) and 13 stocks

MTN

The Nigerian Exchange Limited (NGX) sustained a sliding profile at the end of yesterday’s transactions occasioned by losses in MTN Nigeria Communication (MTNN) and 13 stocks, as market capitalisation depreciated further by N76 billion.

Specifically, the All-Share Index declined by 144.35 per cent, representing a decrease of 0.34 per cent, to close at 42,244.22 points.

Similarly, the overall market capitalisation value lost N76 billion to close at N22.050 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are; MTNN, Lafarge Africa, Zenith Bank, Union Bank of Nigeria (UBN) and FBN Holdings (FBNH).

On market performance, analysts at Afrinvest Limited said, “We expect the market to trend southwards in the next trading session, driven by weak investor sentiment.”

Vetiva Dealings and Brokerage said: “Despite the bearish sentiment, the consumer goods sector has seen positive activity in recent sessions with improved demand in names like Dangote Sugar and Nestle.

“Similarly, the insurance sector has been dominating activity charts, gaining 1.24 per cent WTD and we expect these trade patterns to filter into tomorrow’s session amid a slightly quiet trading day.”

However, market breadth closed positive as 17 stocks gained relative to 14 decliners. Cutix and May & Baker Nigeria recorded the highest price gain of 10 per cent each to close at N2.64 and N4.51 kobo respectively, while UACN Property Development Company (UPDC) followed with a gain of 7.76 per cent to close at N1.25 kobo.

Consolidated Hallmark Insurance rose by 5.08 per cent to close at 62 kobo, while Chams appreciated by five per cent to close at 21 kobo.

On the other hand, Royal Exchange led the losers’ chart by 6.67 per cent to close at 70 kobo. Lasaco Assurance followed with a decline of 6.36 per cent to close at N1.03, while UBN lost 5.15 per cent to close at N4.60 kobo.

FCMB Group declined 4.33 per cent to close at N2.87, while Oando shed 3.96 per cent to close at N4.37 kobo.

The total volume traded decreased by 18.8 per cent to 224.027 million units, valued at N2.658 billion, and exchanged in 2,677 deals. Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 77.367 million shares valued at N696.465 billion. Mutual Benefits Assurance followed with 15.040 million shares worth N4.326 million. Sovereign Trust Insurance traded 12.150 million shares valued at N3.005 million.

Veritas Kapital Assurance traded 9.633 million shares valued at N2.023 million, while Access Bank transacted 8.984 million shares worth N80.904 million.