Stocks Slip 0.10% as Investors Sell MTN, Access Holdings, 26 Others

By Dipo Olowookere

The local bourse was dragged back into the bears’ territory on Friday after investors booked profit in MTN Nigeria, Access Holdings, Ecobank and 25 others.

The selling pressure weakened the Nigerian Exchange (NGX) Limited by 0.10 per cent at the close of transactions, reversing the gains printed on Thursday.

Consequently, the All-Share Index (ASI) depreciated by 64.98 points to settle at 65,198.08 points versus the previous trading day’s 65,263.06 points, and the market capitalisation was reduced by N35 billion to close at N35.480 trillion, in contrast to the preceding session’s N35.515 trillion.

The market breadth index was at equilibrium yesterday after the stock exchange finished with 28 price losers and 28 price gainers.

Meyer was the worst-performing equity after it dropped 9.83 per cent to trade at N2.66, Eterna also shed 9.83 per cent to close at N21.10, Ikeja Hotel depreciated by 9.70 per cent to N2.42, University Press went down by 9.24 per cent to N2.26, and Sovereign Trust Insurance depleted by 9.09 per cent to 50 Kobo.

The best-performing stock was GlaxoSmithKline (GSK), which is closing its operations in Nigeria in the coming months, gaining 9.88 per cent to close at N8.90. Cadbury Nigeria appreciated by 9.84 per cent to N13.95, Abbey Mortgage Bank improved by 9.77 per cent to N1.46, Chellarams rose by 9.71 per cent to N3.39, and Academy Press jumped by 9.30 per cent to N2.35.

On the activity chart, Transcorp was on top after it transacted 29.3 million stocks for N108.0 million, FBN Holdings traded 28.4 million shares valued at N514.5 million, FCMB exchanged 26.8 million equities worth N165.0 million, Zenith Bank traded 23.9 million shares valued at N809.7 million, and Japaul sold 22.8 million stocks worth N22.5 million.

At the close of business, a total of 363.2 million equities worth N6.1 billion exchanged hands in 6,644 deals on the last trading session of the week against the 445.3 million equities worth N5.1 billion bought and sold in 7,095 deals a day earlier, implying an increase in the trading value by 19.61 per cent, and a decline in the trading volume and the number of deals by 18.44 per cent and 6.36 per cent, respectively.

Business Post reports that the energy index declined by 0.52 per cent, and the banking space shed 0.40 per cent, while the consumer goods index appreciated by 0.77 per cent, the insurance sector gained 0.71 per cent, and the industrial goods counter rose by 0.04 per cent.