Stocks market loses N186.85bn over selloffs in MTNN, others
By Temitope Adebayo
The equites market on Wednesday ended its four-day winning streak, due to selloffs in telco heavyweight, MTN Nigeria alongside FBN Holdings and WAPCO, as market capitalization lost N186.85billion to close at N35.75trillion.
At the close yesterday’s trading activities, the domestic bourse closed in red
, while the benchmark index shed 0.46 per cent to close at 65,687.16 points.
Specifically, selloffs in telco heavyweight, MTNN (-3.44%), FBNH (-4.87%) and WAPCO (-0.36%) underpinned the market’s weak performance, despite gains in ZENITHBANK (+0.86%), SEPLAT (+10.00%) and STANBIC (+2.96%).
Consequently, the year-to-date (YTD) return fell to 28.17 per cent, while analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 3.77 per cent.
A total of 500.43m shares valued at ₦7.14bn were exchanged in 7,345 deals. UBA (-0.67%) led the volume chart with 58.31 units traded while ACCESSCORP (-4.72%) led the value chart in deals worth ₦991.20m.
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Market breadth closed positive at a 1.53-to-1 ratio with advancing issues outnumbering declining ones. SEPLAT (+10.00%) topped twenty-five (25) others on the leader’s log while UNILEVER (-10.00%) led sixteen (16) others on the laggard’s table.
