Sell off in MTNN, 16 stocks drag capitalisation by N312 billion

Transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as sell-off in MTNN and 16 stocks dragged market capitalisation by N312 billion.

The NGX All-Share Index also depreciated by 579.39 basis points to 51400.53 points from 52979.92 recorded the previous day.

Investors traded 98.852 million shares valued at N2.514 billion in 4314 deals against 205.055 million shares valued at N3.058 billion in 3600 deals.

Analysts at Vetiva Dealings and Brokerage said: “Bearish sentiments kicked off the week. However, we saw more stocks closing in the green compared to Friday’s session. With more Q2 results expected this week, we are likely to see further improvement in market breadth.”

MTN Nigeria topped the losers’ chart during the day, dropping by 6.99 per cent to close at N213 while United Capital trailed with a drop of 5.51 per cent to close at N12.00, Cutix Plc lost 5.46 per cent to close at N2.25, RTBriscoe was down by 5.0 per cent to close at 38 kobo, Sovereign Trust Insurance dipped by 3.70 per cent to close at 26 kobo.

Transnational Corporation (Transcorp) lost 3.36 per cent to close at N1.15 kobo while United Bank for Africa shed 2.74 per cent to close at N7.10 kobo. Academy press depreciated by 2.38 per cent to close at N2.05 kobo. Courteville shed 2.08 per cent to close at 47 kobo. FBN Holdings depreciated by 1.79 per cent to close at N11. Livestock Feeds also declined by 1.60 per cent to close at N1.23 kobo.

NAHCO led the gainers’ table, improving by 10 per cent to close at N6.05 kobo, FTNCocoa followed with a gain of 10.00 per cent to close at 33 kobo, Cap Plc added 10 per cent to close at N18.70 kobo. Multiverse gained 7.89 per cent to close at N2.05 kobo. Unity Bank also increased by 7.14 per cent to close at N0.45 kobo.

Zenith Bank gained 4.58 per cent to close at N21.70 kobo. NPFMicrofinance Bank appreciated by 4.17 per cent to close at N1.75 kobo. Cornerstone Insurance also added 4.17 per cent to close at 75 kobo. Chams garnered four per cent to close at 26 kobo. International Breweries also dropped 2.78 per cent to close at N5.55 kobo.

On the activity chart, United Bank for Africa was the most active stock for the day, trading 15.850 million shares valued at N114.231 million, Zenith Bank followed with account of 12.269 million shares cost N262.248 million, Transnational Corporation of Nigeria traded 5.433 million shares valued at N6.192 million, GTCO Plc sold a total of 5.096 million shares cost N105.718 million while Dangote Sugar traded 4.176 million shares valued at N66.853 million.