Local Bourse Sheds 0.12% Amid Decline in MTNN and 14 Others

Stockbrokers work at the Nigerian Stock Exchange in Lagos on May 16, 2019. - Africa's largest mobile phone operator, MTN, listed shares on the Nigerian Stock Exchange (NSE) in a $6 billion flotation reflecting its increasing presence in the Nigerian market, its largest. (Photo by PIUS UTOMI EKPEI / AFP) (Photo credit should read PIUS UTOMI EKPEI/AFP via Getty Images)
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The Nigeria local bourse reversed the previous session’s positive sentiment as investors began to digest the last NTBs auction result. The decline was driven by the sell-pressure in some bellwether stocks, such as MTNN, GTCO, and 13 others.

Consequently, the All-Share Index plummeted by 60.87 basis points representing a 0.12 percent decline to close at 50,014.6. While the Market Capitalization lost ₦32.83Bn, representing an increase of 0.12 percent to close at ₦26.98 trillion.

→ However, the market activities were mixed, as the Total Volume dipped by 52.16 percent while the Total Value rose by 17.06 percent. Approximately 133.59 million units valued at ₦2.44 billion were transacted in 4,292 Deals. UBA emerged as the most traded stock in terms of volume, accounting for 15.42 percent of the total volume of trades, followed closely by CHAMS (6.77%), ACCCESSCCORP (6.15%), JAPAULGOLD (5.54%) and JAIZBANK (5.35%) to complete the top five on the volume chart.

While MTNN appeared as the most traded stock in value terms, with 49.97 percent of the total value of trades on the exchange.

→ On the profitability list, NAHCO topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by IKEJAHOTEL (9.43%), WEMABANK (6.87%), CUTIX (2.74%), JAPAULGOLD (2.70%), UACN (1.89%), CHIPLC (1.59%), HONYFLOUR (1.52%), WAPCO (1.29%), FBNH (0.46%) and ten (10) others. On the flip side, fifteen (15) stocks depreciated, led by ABCTRANS with a price decline of 6.67 percent to close at ₦0.28, as STANBIC (-3.28%), UBA (-2.78%), ACCESSCORP (-1.12%), UBN (-0.85%), MTNN (-0.50%), GTCO (-0.49%), UCAP (-0.40%) and ZENITHBANK (-0.23%) also dipped in price. In that regard, the market breadth was negative, recording 20 gainers and 15 losers.

→ Subsequently, sectoral performance was mixed, as two of the five major sectors closed negatively compared to the previous session, namely Banking (-0.62%) and Consumer Goods (-0.03%). While Insurance and Industrial Goods rose by 0.61% and 0.10%, respectively, leaving the Oil & Gas sector unchanged.