MTN Nigeria, 26 other stocks depreciate NGX ASI by 0.35%

Trading activities in the domestic equities market yesterday continued on a negative note, as profit-taking witnessed in MTN Nigeria Communications (MTNN) and 26 others caused a 0.35 per cent decline in the benchmark index.

In summary, the NGX All-Share Index (ASI) declined by 187.47 absolute points, representing a decrease of 0.35 per cent to close at 52,756.62 points. Similarly, the overall market capitalization value lost N101 billion to close at N28.442 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; MTNN, Flour Mills of Nigeria, GlaxoSmithKline Consumer Nigeria, Fidson Healthcare and Unilever Nigeria.

Analysts at GTI Securities Limited said that “Stock market ended transactions on a bearish note, we expect profit-taking to continue during the week.”

Market breadth closed negative as 27 stocks lost relative to 21 gainers. PZ Cussons Nigeria recorded the highest price gain of 9.96 per cent to close at N13.25, per share. Berger Paints Nigeria followed with a gain 9.72 per cent to close at N7.90, while Northern Nigeria Flour Mills (NNFM) gained 9.63 per cent to close at N11.95, per share.

McNichols Plc appreciated by 9.52 per cent to close at N1.61, while Abbey Mortgage Bank gained 9.49 per cent to close at N1.50, per share. On the other hand, Flour Mills of Nigeria led the losers’ chart by 9.20 per cent to close at N37.00, per share. GlaxoSmithKline Consumer Nigeria followed with a decline of 8.39 per cent to close at N6.55, while NPF Microfinance Bank shed 8.02 per cent to close at N1.95,  per share.

Japaul Gold and Ventures shed 6.25per cent to close at 30 kobo, while Champion Breweries depreciated by 6.09 per cent to close at N3.70, per share.

Meanwhile the total volume of trades rose significantly by 253.76 per cent to 1.324 billion units, valued at N7.724 billion, and exchanged in 6,449 deals. Transactions in the shares of FCMB Group topped the activity chart with 775.091 million shares valued at N2.959 billion. Jaiz Bank followed with 172.146 million shares worth N151.769 million, while Transnational Corporation of Nigeria (Transcorp) traded 140.076 million shares valued at N202.128 million.

Guaranty Trust Holding Company traded 50.386 million shares valued at N1.206 billion, while International Breweries  transacted 21.023 million shares worth N165.129 million.