Emmanuel Ochayi
MTN Nigeria Communications (MTNN) Plc and a group of 28 stocks paved the way for the Nigerian Exchange Limited (NGX) to extend its negative trajectory. The All-Share Index (ASI) dwindled further by 0.2 per cent, causing an array of emotions among investors.
Market observers watched as the ASI tumbled, shedding 121.21 points, a 0.2 per cent decline that left it settling at 67,084.95 points. Concurrently, market capitalization took a hit, plummeting by N66 billion to conclude at N36.857 trillion.
Join our WhatsApp ChannelNotably, the primary instigators of this downturn were a series of setbacks in the valuations of blue-chip stocks, particularly Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), Flour Mills of Nigeria, CWG, and Guaranty Trust Holding Company (GTCO).
In a reflection of the market’s somber mood, market breadth skewed negatively, with only 12 stocks experiencing gains in contrast to 29 losers. McNichols was the most conspicuous winner, marking an impressive 8.93 per cent surge to close at 61 kobo per share.
UAC of Nigeria (UACN) followed suit with a gain of 6.09 per cent, reaching N12.20. Oando posted a respectable 4.07 per cent rise, closing at N8.95 per share. Chams Holding Company wasn’t far behind, marking a 3.65 per cent increase to close at N1.99, while Nestle Nigeria contributed with a 2.94 per cent boost, ending the day at N1,050.00 per share.
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In contrast, Secure Electronic Technology led the losers’ chart with 10 per cent drop to conclude at 27 kobo per share. CWG followed, recording a decline of 9.94 per cent, and closing at N7.70. Thomas Wyatt Nigeria experienced a 9.84 per cent loss, concluding the day at N4.03 per share. International Breweries depreciated by 9.78 per cent, closing at N4.15, and Universal Insurance saw an 8.33 per cent drop to settle at 22 kobo per share.
On the trading front, the total volume traded experienced an 18.81 per cent dip to reach 267.654 million units, valued at N5.111 billion, spread across 5,205 deals.
Fidelity Bank took the lead, with 39.831 million shares worth N326.853 million changing hands. Chams Holding Company closely followed, with a trade volume of 23.500 million shares valued at N46.416 million, while Access Holdings traded 20.556 million shares worth N347.746 million.
United Bank for Africa (UBA) was also a notable participant, trading 91.008 million shares worth N347.268 million, and Japaul Gold and Ventures dealt in 18.253 million shares valued at N16.286 million.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
