MTN, FBNH Drag ASI to 5th Consecutive Losing Streak

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited extended its losing streak to five consecutive trading sessions on Friday with a further 0.19 per cent loss triggered by sustained selling pressure.

Sell off in the shares of MTN Nigeria, FBN Holdings, GTCO, Zenith Bank, Access Bank and 13 others contributed to the loss suffered by the local bourse yesterday.

As a result, the All-Share Index (ASI) depleted by 80.07 points to 42,167.91 points from 42,247.98 points while the market capitalisation went down by N42 billion to N22.003 trillion from N22.045 trillion.

On a sectoral level, it remained mixed with the consumer goods and banking sectors losing 0.09 per cent and 0.06 per cent respectively and the insurance and industrial goods counters closing higher by 2.00 per cent and 0.02 per cent apiece, with the energy index closing flat.

Only 13 stocks closed positive yesterday led by UPDC, which rose by 10.00 per cent to sell for 99 kobo, followed by Linkage Assurance, which grew by 9.80 per cent to 56 kobo.

NEM Insurance appreciated by 9.76 per cent to N2.25, Prestige Assurance gained 8.51 per cent to sell for 51 kobo, while Academy Press went up by 8.33 per cent to 39 kobo.

Conversely, FTN Cocoa led the losers’ gang after its share price declined by 7.89 per cent to 35 kobo, Consolidated Hallmark Insurance fell by 6.38 per cent to 44 kobo, Champion Breweries depreciated by 5.88 per cent to N2.40, Courtville dropped 5.13 per cent to 37 kobo, while Chams decreased by 4.55 per cent to 21 kobo.

As for the level of transactions yesterday, it was low as the trading volume fell by 44.15 per cent to 181.0 million units from 324.0 million units, the trading value dropped 54.19 per cent to N2.4 billion from N5.3 billion and the number of deals declined by 14.60 per cent to 4,019 deals from 4,706 deals.

GTCO was the most traded stock as it sold 24.0 million units worth N581.6 million, Mutual Benefits traded 20.2 million units worth N5.0 million, Access Bank sold 18.7 million units valued at N168.3 million, Ecobank exchanged 9.4 million units worth N76.0 million, while United Capital transacted 9.4 million units valued at N91.8 million.