Profit Taking In MTN, Others Dip Stock Market

Sell pressure continued on the nation’s bourse on Wednesday with indices dropping further by 0.44 per cent due to profit taking in MTN Nigeria Communications and 29 other stocks.

Consequently, the All-Share Index dipped 175.56 points or 0.44 per cent to close at 39,522.06 compared with 39,697.82 recorded on Tuesday.

Also, investors lost N91 billion in value as the market capitalisation dropped to N20.678 trillion from N20.769 trillion on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were: MTNN, Lafarge Africa, International Breweries, Dangote Sugar Refinery and Oando.

Analysts at Afrinvest Ltd. attributed the persistent lull to increasing rates in the fixed income market.

They, however, said the current prices of stocks made an attractive case for dividend yields.

The market recorded 30 losers against to 16 gainers.

Japaul Gold and Ventures led the losers’ chart in percentage terms by 10 per cent to close at 54k per share.

NEM Insurance trailed with a loss of 9.91 per cent to close at N1.91, while Champion Breweries dipped 9.76 per cent to close at N1.85 per share.

NPF Microfinance Bank declined by 9.47 per cent to close at N1.72, while Linkage Assurance shed 8.93 per cent to close at 51k per share.

On the other hand, Seplat recorded the highest price gain of 10 per cent to close at N583 per share.

AIICO Insurance followed with 5.22 per cent to close at N1.21, while Cornerstone Insurance gained 5.17 per cent to close at 61k per share.

UACN Property Development Company improved by five per cent to close at 84k, while Cutix appreciated by 4.21 per cent to close at N2.23 per share.

Besides the profit taking in MTN Nigeria, transactions in the shares of Zenith Bank topped the activity chart with 41.38 million shares valued at N1.06 billion on account of the good results also posted by the bank.

Guaranty Trust Bank followed with 28.99 million shares worth N919.82 million, while United Capital traded 24.61 million shares valued at N145.32 million.

AXA Mansard Insurance traded 17.53 million shares valued at N18.46 million, while FBN Holdings transacted 16.54 million shares worth N115.79 million.

In all, the total volume traded advanced by 9.8 per cent to 244.34 million shares valued at N4.13 billion traded in 4,714 deals.

This was in contrast with 222.57 million shares worth N5.39 billion exchanged in 4,470 deals on Tuesday.

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