NGX ends rallies, loses N33.42bn as investors dump MTN, GTCO

By Temitope Adebayo

The equities segment of the Nigerian Exchange (NGX) on Thursday ended its four consecutive day rallies, as market capitalization lost N33.42billion, following selloffs in telco heavyweight, MTN Nigeria, Guaranty Trust Holding Company (GTCO) and WAPCO.

At the close of yesterday trading activities, investors’ mood switched to profit-taking across mid and large-cap companies stocks, seeing the benchmark index shedding 0.13 per cent to close at 48,365.14 points, while underpinning the market’s weak performance despite gains in BUACEMENT, ZENITHBANK and UBA.

Data from the local bourse, however, showed that equities market capitalisation declined by 0.13 per cent to close at N26.343 trillion as against N26.376 trillion posted on Wednesday
Market breadth closed positive as 12 stocks were on the leaders’ table, while eight were on the laggards’ log.

Chams led the gainers’ chart in percentage terms by 10 per cent to close at 24k per share. R.T. Briscoe followed with 7.69 per cent to close at 28k, while PZ rose 5.50 per cent to close at N11.50 per share.

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Livestock appreciated by 4.50 per cent to close at N1.16, while Ecobank Transnational Incorporated (ETI) garnered 2.80 per cent to close at N10.80 per share. On the other hand, Capital Hotel dominated the losers’ chart in percentage terms with 9.80 per cent to close at N2.76 per share.

Honeywell Flour Mill followed with 9.09 per cent to close at N2.20, while WAPIC Assurance declined by 8.11 per cent to close at 34k per share. ABC Transport lost by 7.41 per cent to close at 25k, while Cadbury depreciated by 4.69 per cent to close at 70k per share.

Market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 11.20 per cent. A total of 148.16 million shares valued at N2.98 billion were exchanged in 3,391 deals.

Sectoral performance was mixed, as the Industrial Goods, and Banking indices advanced, while the Insurance index declined. The Oil & Gas and Consumer Goods indices closed flat.