Investors’ profit-taking in MTN Nigeria, 25 others down equities market by N182bn

Investors’ profit-taking activities on the Nigerian Exchange Limited (NGX) continued yesterday in the equities market, as MTN Nigeria Communications (MTNN) and 25 others weighed down the bourse.

The All Share Index (ASI) decreased by 338.24 absolute points, representing a dip of 0.64 per cent to close at 52,775.40 points. Similarly, the market capitalisation lost N182 billion  to close at N28.452 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTNN, FBN Holdings (FBNH), Union Bank of Nigeria (UBN), International Breweries and Zenith Bank.

On market outlook, analysts at GTI Securities Limited said: “Equity market closed negative, as investors await Fed’s decision on interest rates. We expect cautious trading and profit taking to continue during the week.”

Market breadth closed negative, with 26 losers versus 11 gainers.

Tripple Gee & Company recorded the highest price gain of 9.20 per cent, to close at 95 kobo, per share. Learn Africa followed with a gain of 5.49 per cent to close at N2.50, while Unity Bank appreciated by 2.13 per cent to close at 48 kobo per share.

AIICO Insurance went up by 1.56 per cent to close at 65 kobo, while Livestock Feeds appreciated by 1.33 per cent  to close at N1.52  per share.

On the other hand, Meyer Plc led the losers’ chart by 10 per cent to close at N2.79 per share. Livestock Feeds followed with a decline of 8.93 per cent to close at 51 kobo, while UBN went down by 7.69 to close at N6.00, per share.

International Breweries lost 6.12 per cent to close at N6.90, while FBNH shed 5.17 per cent to close at N9.90, per share.

The total volume of trades declined by 37.3 per cent to 188.092 million units, valued at N2.363 billion and exchanged in 4,890 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 36.418 million shares valued at N278.556 million. Guaranty Trust Holding Company (GTCO) followed with 24.386 million shares worth N531.295 million, while  FBNH traded 17.624 million shares valued at N175.823 million.

Sterling Bank traded 14.282 million shares valued at N21.912 million, while Zenith Bank transacted 12.843 million shares worth N286.832 million.