Reversing prior’s trading day gain, the Nigerian stock market yesterday closed negative as the overall capitalization declined by N134 billion following sell off in MTN Nigeria Communications (MTNN) Plc and 24 others.
The All-Share Index declined by 326.16 per cent, representing a loss of 0.24 per cent, to close at 100,063.32 points. Similarly, the overall market capitalisation value lost N134 billion to close at N56.604 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTN Nigeria Communications, Lafarge Africa, UPDC Real Estate Investment Trust, Champion Breweries and Ikeja Hotel.
Also, market breadth closed slightly negative, as 24 stocks gained relative to 25 losers. Oando recorded the highest price gain of 9.93 per cent to close at N15.50, per share. Conoil followed with a gain of 9.52 per cent to close at N115.00 and Veritas Kapital Assurance up by 9.38 per cent to close at N1.05, per share.
Neimeth International Pharmaceuticals appreciated by 8.61 per cent to close at N1.64, while Jaiz Bank rose by 7.55 per cent to close at N2.28, per share.
On the other hand, DAAR Communications led the losers’ chart by 8.33 per cent to close at 44 kobo, per share. UPDC Real Estate Investment Trust followed with a decline of 8.26 per cent to close at N5.00, while Guinea Insurance lost 7.69 per cent to close at 36 kobo, per share.
University Press declined by 6.67 per cent to close at N2.10, while MTNN shed 6.54 per cent to close at N200.00, per share
The total volume traded increased by 152.37 per cent to 863.583 million units, valued at N12.562 billion, and exchanged in 7,931 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 539.398 million shares valued at N5.657 billion. Guaranty Trust Holding Company (GTCO) followed with 59.433 million shares worth N2.797 billion, while Veritas Kapital Assurance traded 40.424 million shares valued at N41.495 million.
United Bank for Africa (UBA) traded 35.978 million shares valued at N839.601 million, while Zenith Bank transacted 24.016 million shares worth N882.331 million.
