Equities market drops by N186bn on profit-taking in MTN Nigeria, Aradel Holdings

The Nigerian equities market on Wednesday experienced a pullback from its positive momentum earlier in the week, dropping by N186 billion on profit-taking in MTN Nigeria Communication Plc, and Aradel Holdings Plc.
Consequently, the Nigerian Exchange LimitedAll-Share Index (NGX ASI) dipped by 301.86 basis points or 0.29 per cent to close at 102,836.13 basis points. Consequently, market capitalisation depreciated by N186 billion to close at N63.147 trillion.
Investor sentiment, as measured by market breadth closed the same with 24 stocks advanced and 24 declined. SCOA Nigeria recorded the highest price gain of 9.70 per cent to close at N3.28, per share. Cadbury Nigeria followed with a gain of 9.65 per cent to close at N25.00, while Secure Electronic Technology rose by 9.59 per cent to close at 80 kobo, per share.
C&I Leasing appreciated by 5.85 per cent to close at N4.34, while FTN Cocoa processors rose by 5.41 per cent to close at N1.95, per share.
On the other hand, Multiverse Mining & Exploration led the losers’ chart by 9.87 per cent to close at N10.05, per share. May & Baker Nigeria followed with a decline of 9.78 per cent to close at N8.30, while Prestige Assurance lost 7.69 per cent to close at N1.32, per share.
Guinea Insurance lost 7.45 per cent to close at 87 kobo, while Red Star Express depreciated by 4.75 per cent to close at N4.81, per share.
The total volume traded fell by 10.3 per cent to 394.815 million units, valued at N15.157 billion, and exchanged in 10,766 deals. Transactions in the shares of Access Holdings topped the activity chart with 91.992 million shares valued at N2.236 billion. United Bank for Africa (UBA) followed with 27.006 million shares worth N919.313 million, while Sterling Financial Holdings Company traded 22.971 million shares valued at N124.139 million.
AIICO Insurance traded 17.918 million shares valued at N31.691 million, while Zenith Bank transacted 16.981 million shares worth N802.240 million.