Equities market sheds 0.09% amidst profit-taking on MTNN, 21 other stocks

The equities segment of the Nigerian Stock Exchange (NSE) on Tuesday closed on a negative note, extending the previous negative sentiment to four consecutive trading day with a dip of 0.09 per cent, buoyed by profit-taking on MTN Nigeria Communications (MTNN) and 21 other stocks.

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For instance, the All-Share Index (ASI) declined by 23.44 absolute points, representing a dip of 0.09 per cent to close at 24,930.88 points. Similarly, the overall market capitalisation size shed N13 billion to close at N13.005 trillion.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Flour Mills of Nigeria, MTNN, Ardova Plc, C&I Leasing and Neimeth International Pharmaceuticals.

Analysts at United Capital Plc said that “Looking ahead, we expect the market to remain volatile, as investors continue position in cheap and fundamentally strong stocks, while taking profit on some stocks that have gained over the previous week.”

Market breadth closed negative, 13 stocks posted gains while 22 stocks posted declines. Fidson Healthcare recorded the highest price gain of 10 per cent, to close at N3.63, per share. Skyway Aviation Handling Company followed with a gain 8.06 per cent to close at N2.95, while Caverton Offshore Support Group appreciated by 7.35 per cent to close at N2.19, per share.

Honeywell Flour Mill went up by 6.93 per cent to close at N1.08, while Red Star Express appreciated by 4.68 per cent  to close at N3.80,  per share. On the other hand, Neimeth International Pharmaceuticals led the losers’ chart by 9.91 per cent, to close at N2.09, per share. Prestige Assurance followed with a decline of 9.52 per cent to close at 57 kobo, while C & I Leasing went down by 9.38 to close at N4.35, per share.

AIICO Insurance lost 9.35 per cent to close at 97 kobo, while Mutual Benefits Assurance shed 8.70 per cent to close at 21 kobo, per share.

The total volume of trades decreased by 15.68 per cent to 200.393 million units, valued at N1.586 billion and exchanged in 4,194 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 26.946 million shares valued at N139.934 million. Zenith Bank followed with 22.632 million shares worth N368.466 million, while FCMB Groups traded 21.26 million shares valued at N36.576 million.