Tuesday, 6th December 2022
<To guardian.ng
Search
Breaking News:

Renewed profit taking in MTNN, others drags index by 0.02 per cent

By Helen Oji
20 July 2022   |   2:50 am
Transactions on the Nigerian Exchange Limited (NGX) closed on a downturn yesterday, occasioned by renewed profit taking in MTN Nigeria, Unilever and 14 stocks, causing the All-share index to dip by 0.02 per cent.

MTN

Transactions on the Nigerian Exchange Limited (NGX) closed on a downturn yesterday, occasioned by renewed profit taking in MTN Nigeria, Unilever and 14 stocks, causing the All-share index to dip by 0.02 per cent.

The All Share Index (ASI) decreased by 11.06 absolute points, representing a dip of 0.02 per cent to close at 52,308.88 points. Similarly, the market capitalisation lost N6 billion to close at N28.208 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Unilever Nigeria, Union Bank of Nigeria (UBN), Multiverse Mining & Exploration and Academy Press.

Analysts at GTI Securities Limited said “equities market records its first loss for the week, as investors begin cautious trading in reaction to recent inflation figures. We expect cautious trading to continue through the week.”

Vetiva Dealings and Brokerage said: “Following the decision of the Central Bank of Nigeria (CBN) to raise the Monetary Policy rate by 100bps, we are likely to see further bearish sessions as investors continue to trade cautiously. “

As measured by market breadth, market sentiment closed at par with 16 gainers and 16 losers.

Multiverse Mining and Exploration led the losers’ chart by 9.50 per cent to close at N1.62 kobo. Japaul Gold and Ventures followed with a decline of 7.41 per cent to close at 25 kobo, while Academy Press went down by 7.00 to close at N1.86 kobo.

Caverton Offshore Support Group lost 6.57 per cent to close at N1.28, while UACN Property Development Company (UPDC) shed 4.03 per cent to close at N1.19 kobo.

Union Bank shed 3.70 kobo to close at N5.20 kobo. Unilever depreciated by 3.23 per cent to close at N15. Unity Bank declined by 2.22 per cent to close at 44 kobo. NEM dropped 2.02 per cent to close at N3.40 kobo. International Breweries also shed 1.72 per cent to close at N5.70 kobo.

However, R.T. Briscoe Nigeria recorded the highest price gain of 10 per cent to close at 44 kobo. GlaxoSmithKline Consumer Nigeria followed with a gain 9.02 per cent to close at N6.65, while Cornerstone Insurance appreciated by 6.45 per cent to close at 66 kobo.

Courteville Business Solutions went up by 6.38 per cent to close at 50 kobo, while FTN Cocoa processors appreciated by 6.06 per cent to close at 35 kobo.

The total volume traded increased by 76.9 per cent to 205.641 million units, valued at N2.787 billion, and exchanged in 4,127 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 74.276 million shares valued at N556.835 million. Access Holdings followed with 16.092 million shares worth N146.445 million, while AIICO Insurance traded 14.099 million shares valued at N8.895 million.

FBN Holdings traded 12.818 million shares valued at N140.498 million, while Guaranty Trust Holding Company (GTCO) transacted 8.883 million shares worth N190.492 million.