Stock Market Halts Winning Streak, Loses N187bn

The domestic stock market yesterday ended its four-day winning streak with a decline of N187 billion on selloffs in MTN Nigeria Communications (MTNN) and 23 others.

The All Share Index (ASI) down by 303.86 points, representing a loss of 0.46 per cent to close at 65,687.16 points. Also, market capitalisation declined by N187 billion to close at N35.746 trillion.

The downtrend was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Unilever Nigeria, Cadbury Nigeria, Nigerian Exchange Group and Lafarge Africa.

As measured by market breadth, market sentiment was positive, as 32 stocks gained relative to 24 losers. Courteville Business Solutions, NCR Nigeria and Seplat Energy recorded the highest price gain of 10 per cent each to close at 66 kobo, N3.96 and N1,693.60 respectively, per share. 

FTN Cocoa Processors followed with a gain of 9.92 per cent to close at N2.66, while Japaul Gold & Ventures and Livestock Feeds rose by 9.90per cent each to close at N1.11 and N2.11 respectively, per share.

On the other hand, Cadbury Nigeria and Unilever Nigeria led the losers’ chart by 10 per cent each to close at N15.30 and N15.75 respectively, while Multiverse Mining and Exploration followed with a decline of 9.97 per cent to close at N2.71, per share.

Omatek Ventures depreciated by 9.62 per cent to close at 47 kobo, while Champion Breweries declined by 7.45 per cent to close at N3.48, per share.

The total volume of trade declined by 9.59 per cent to 500.430 million units, valued at N7.144 billion, and exchanged in 7,345 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 58.309 million shares valued at N871.359 million. 

Access Holdings followed with 55.244 million shares worth N991.195 million, while Universal Insurance traded 32.665 million shares valued at N7.639 million.

FBN Holdings (FBNH) traded 28.026 million shares valued at N590.512 million, while Zenith Bank sold 26.476 million shares worth N933.512 million.