STOCK MARKET ENDS WINNING RUN, SUFFERS N187BN LOSS

Tunji Wusu –

Yesterday, the local stock market’s four-day winning streak came to an end with a loss of N187 billion due to selloffs in MTN Nigeria Communications (MTNN) and 23 other companies.

The All Share Index (ASI), which closed at 65,687.16 points, was down 303.86 points, or 0.46 percent. Additionally, market cap decreased by N187 billion to settle at N35.746 trillion.

Losses in medium- and large-capitalized equities, including MTN Nigeria Communications (MTNN), Unilever Nigeria, Cadbury Nigeria, Nigerian Exchange Group, and Lafarge Africa, had an effect on the downward trend.

Market mood was upbeat, as seen by the favorable market breadth ratio of 32 advancing stocks to 24 declining ones. The three companies with the largest price increases—Courteville Business Solutions, NCR Nigeria, and Seplat Energy—closed at 66 kobo, N3.96 and N1,693.60 per share, respectively.

FTN Cocoa Processors came in second, up 9.92% to close at N2.66, while Japaul Gold & Ventures and Livestock Feeds also saw gains of 9.90% to conclude at N1.11 and N2.11 per share, respectively.

Cadbury Nigeria and Unilever Nigeria, on the other hand, were the biggest losers, falling 10% each to settle at N15.30 and N15.75, while Multiverse Mining and Exploration fell 9.97% to close at N2.71.

Omatek Ventures lost 9.62% of its value to close at 47 kobo, and Champion Breweries lost 7.45% of its value to end the day at N3.48 a share.

500.430 million units were traded for N7.144 billion in 7,345 deals, a 9.59% decrease in total trade volume. United Bank for Africa (UBA) share transactions, totaling 58.309 million shares valued at N871.359 million, topped the list of activities.

Following with 55.244 million shares valued at N991.195 million, Access Holdings was the next trader, and Universal Insurance sold 32.665 million shares for N7.639 million.

While Zenith Bank sold 26.476 million shares for N933.512 million, FBN Holdings (FBNH) exchanged 28.026 million shares worth N590.512 million.