MTN, Wema Bank, Others Trigger NGX’s N52.35bn Dip


The positive trend on the Nigerian Stock market was halted Tuesday following the dip in the value of the shares of big firms that led to a total dip of N52.35 billion.According to InsideBusiness, the All-Share Index (ASI) a key market indicator of the Nigerian Exchange Limited (NGX) declined by 97.07 index points or 0.19 per cent to settle at 51,805.41 points down from 51,902.48 points on Monday.

Remarkably, the market capitalization of all listed equities on the Nigerian Bourse depreciated by N52.35 billion, representing a 0.19 per cent loss to close at N27.928 trillion compared to N27.981 trillion recorded the previous trading session.

The fall of the market was triggered by losses in the value of large and medium scale companies which include NAHCO Plc, Mutual Benefits Assurance Plc, MTN Nigeria Plc, Wema Bank Plc, and Regency Assurance Plc.

The market turnover decreased by 1.79 per cent as investors bought and sold a total of 331.521 million units of shares worth N5.035 billion in 6,689 deals as against 337.564 million shares valued at N5.554 billion in 7,684 deals traded during the previous trading session.

Despite the loss of the NGX, the market breadth closed positive with13 losers and 36 gainers compared to 37 gainers and 21 declining equities the previous day.

The losers’ table was led in percentage terms by NAHCO Plc, falling by 4.12 per cent to close at N6. 51 kobo per share.

In the same vein, Mutual Benefits Assurance Plc, dipped 3.85 per cent to settle at N0. 25 kobo per share, while Wema Bank Plc lost 3.73 per cent to close at N3. 61 kobo per share.

MTN Nigeria Plc declined and Regency Assurance Plc shed 3.61 per cent and 3.33 per cent to close at N240 per share and N0. 29 kobo per share respectively.

On the flip side, Multiverse Plc was the biggest gainer in percentage parameters on the NGX, as the firm gained 10 per cent to close at N0. 22 kobo per share.

Similarly, May and Baker Plc and Okomu Oil Plc also rose 10 per cent to close at N4.84 kobo and N187 per share respectively.

Also, Champions Breweries Plc appreciated by 9.81 per cent to close at N4 .03 kobo per share, while McNichols Plc soared by 9.78 per cent to close at N1.01 kobo per share.

Analysis of the NGX market activity chart shows that Guaranty Trust Holding Company (GTCO) closed the market as both the most active and valuable company, transacting a total of 51.96 million shares worth N1.228 billion.


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