Profit-taking in AIRTELAFRI, PRESCO, MTNN, and Others, Dips NGX-ASI by -3.23% (highest market decline for the year), as Sell-Off Continues

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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 Nigerian domestic market closed today’s trading activities on a bearish note, as the market performance indicators (NGX-ASI and Market Capitalization) plunged by -3.23%. Consequently, the market index (All-Share Index) was down by 1,575.81 basis points, representing a decline of 3.23% to close at 47,260.89. The Market Capitalization also lost ₦858.30 bn, representing a decrease of 3.23% to close at ₦25.74 trillion (lowest in 5 months) from ₦26.60 trillion yesterday.
Nonetheless, market activities were up as the Total Volume and Total Value traded for the day increased by 3.80% and 13.39% respectively. Approximately 140.67 million units valued at ₦2,516.17 million were transacted in 4,371 deals. GTCO was the most traded stock in terms of volume, accounting for 19.71% of the total volume of trades, followed by STERLNBANK (18.08%), ZENITHBANK (10.24%), TRANSCORP (9.39%), and GEREGU (3.53%) to complete the top 5 on the volume chart. GEREGU emerged as the most traded stock in value terms, with 23.32% of the total value of trades on the exchange.
GEREGU topped the advancers’ chart with a price appreciation of 9.91 percent, trailed by LIVESTOCK (9.80%), CUTIX (8.00%), CORNERST (3.92%), FCMB (3.83%), and nine (9) others, while twenty-three (23) stocks depreciated, topped by AIRTELAFRI with a price depreciation of 10.00% to close at ₦1800, as PRESCO (-9.99%), OKOMUOIL (-9.98%), HONYFLOUR (-8.66%), UBN (-8.59%), NGXGROUP (-4.65%) and MTNN (-1.20%) also dipped in price. In that regard, the market breadth closed negative, recording 14 gainers and 23 losers.
Furthermore, the sector performance closed negative, as four out of the five major market sectors were down, led by the Banking sector (-0.86%), Industrial sector (- 0.32%), Insurance sector (-0.31%), and the Consumer goods sector (-0.11%). The Oil & Gas sector was unchanged.