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NGX halts 18 sessions of gains as profit-taking drags indices by N52b

By Helen Oji
11 May 2022   |   4:00 am
The Nigerian Exchange Limited (NGX) witnessed the first decline since April 7, 2022 to end 18 consecutive sessions of gain yesterday, following renewed profit taking by investors.

The Nigerian Exchange Limited (NGX) witnessed the first decline since April 7, 2022 to end 18 consecutive sessions of gain yesterday, following renewed profit taking by investors.

The development caused market capitalisation to depreciate by N52 billion to close at N27.929 trillion, while the All-Share Index (ASI) declined by 97.07 absolute points, representing a decrease of 0.19 per cent to close at 51,805.41 points.

The market loss was driven by price depreciation in large and medium capitalised stocks among which are; MTN Nigeria Communications (MTNN), Nigerian Breweries, Nigerian Aviation Handling Company (NAHCO), Wema Bank and Zenith Bank.

Analysts at Afrinvest Limited said: “In the next trading session, we expect the market performance to remain bearish of the absence of any positive catalyst.”

Vetiva Dealings and Brokerage said: “With the market closing in negative territory on the back of the loss on MTNN, we foresee a rebound in tomorrow’s session, as investors buy up some of the fundamentally sound names which lost in today’s trading session.”

However, market sentiment, as measured by market breadth, was positive as 36 stocks gained while 13 others depreciated in price.

May & Baker Nigeria, Multiverse Mining and Exploration and Okomu Oil recorded the highest price gain of 10 per cent each to close at N4.84 kobo, 22 kobo and N187.

Champion Breweries followed with a gain of 9.81 per cent to close at N4.03 kobo. McNichols Plc rose by 9.78 per cent to close at N1.01 kobo.

On the other hand, NAHCO led the losers’ chart with 4.12 per cent to close at N6.51 kobo while Mutual Benefits Assurance followed with a decline of 3.85 per cent to close at 25 kobo and Wema Bank depreciated by 3.73 per cent to close at N3.61 kobo.

MTNN declined by 3.61 per cent to close at N240, while Regency Alliance Insurance depreciated by 3.03 per cent to close at 29 kobo.

The total volume of trades fell by 1.8 per cent to 331.522 million units, valued at N5.036 billion, and exchanged in 6,689 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 51.963 million shares valued at N1.228 billion.

Transnational Corporation of Nigeria (Transcorp) followed with 41.338 million shares worth N49.618 million, while FBN Holdings (FBNH) traded 14.089 million shares valued at N171.283 million.

Oando traded 13.597 million shares valued at N80.856 million, while Regency Alliance Insurance transacted 11.976 million shares worth N3.312 million.