Stock Market Retreats By N117bn Loss

Trading activities on the domestic stock market yesterday closed negative, as price decline in MTN Nigeria Communications (MTNN) Plc and 19 others pulled the market lower by N117 billion.

The All-Share Index (ASI) lost 185.00 points, representing a decline of 0.17 per cent to close at 105,931.18 points. Also, market capitalisation declined by N117 billion to close at N66.577 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTNN, PZ Cussons Nigeria, Livestock Feeds, Multiverse Mining & Exploration and SUNU Assurance.

However, investor sentiment, as measured by market breadth closed positive as 33 stocks advanced, while 20 declined. Legend Internet emerged the highest price gainer of 10 per cent to close at N8.25, per share. ABC Transports followed with a gain of 9.94 per cent to close at N1.88, while Cadbury Nigeria rose by 9.91 per cent to close at N32.15, per share.

Champion Breweries increased by 9.79 per cent to close at N4.71, while Eterna up by 9.46 per cent to close at N48.00, per share.

On the other side, Livestock Feeds led the losers’ chart with 9.71 per cent to close at N7.72, per share. Multiverse Mining & Exploration followed with a decline of 9.62 per cent to close at N7.05, while McNichols lost 9.47 per cent to close at N1.72, per share.

Omatek Ventures depreciated by 9.23 per cent to close at 59 kobo, while MTNN down by 6.07 per cent to close at N240.00, per share.

Also, the total volume of trades increased by 46.44 per cent to 733.052 million units, valued at N35.288 billion, and exchanged in 16,619 deals. Transactions in the shares of Fidelity Bank led the activity with 285.155 million shares worth N5.774 billion. MTNN followed with account of 86.851 million shares valued at N20.931 billion, while Access Holdings traded 35.570 million shares valued at N851.280 million.