Profit Taking In Guinness, MTN Push Down Market

Negative sentiments persisted on the Nigerian Exchange (NGX) on Tuesday, following profit-taking as  Guinness dragged the All-Share Index lower by 0.29 per cent.

Specifically, the All-Share Index closed lower by 110.72 points or 0.29 per cent to 38,601.83 against 38,712. 55 posted on Monday.

Accordingly, month-to-date and year-to-date losses increased to 1.1 per cent and 4.1 per cent, respectively.

Also, the market capitalisation dipped N58 billion or 0.29 per cent to close at N20.202 trillion from N20.260 trillion recorded on Monday.

The loss was driven by price depreciation in large and medium capitalised stocks amongst which were; MTN Nigeria Communications (MTNN), Guinness, Chemical & Allied Products, Julius Berger and NCR Nigeria. Some of the losses followed profit taking by shareholders selling off after taking their dividends.

Guinness Nigeria led the losers’ chart in percentage terms, losing 9.91 per cent to close at N24.10 per share.

Tripple Gee & Company followed with a decline of 9.72 per cent to close at 65k, while NCR Nigeria shed 9.68 per cent to close at N2.52 per share.

Profit Taking at this time is not unusual following the end of the declarations of the 2020 results.

Champion Breweries lost 9.09 per cent to close at N2, while Jaiz Bank shed 7.69 per cent to close at 60k, per share.

On the other hand, Japaul Gold and Ventures drove the gainers’ chart in percentage terms with 8.70 per cent to close at 75k per share.

Nigerian Aviation Handling Company followed with7.39 per cent to close at N2.18, while Sterling Bank rose by 7.14 per cent to close at N1.80, per share.

Stanbic IBTC Holdings rose by 7.14 per cent to close at N1.80, while Chams gained five per cent to close at 21k per share.

However, the total volume of trades increased by 7.6 per cent as investors bought and sold 208.81 million shares valued at N2.91 billion in 4,013 deals.

This was against an exchange of 194.024 million shares worth N1.36 billion exchanged in 4,290 deals on Monday.

Transactions in the shares of Fidelity Bank topped the activity chart with 38.57 million shares valued at N96.18 million.

Guaranty Trust Bank sold 32.83 million shares worth N951.30 million, while FBN Holdings traded 16.87 million shares valued at N123.92 million.

UACN accounted for14.46 million shares worth N137.56 million, while Zenith Bank transacted 10.94 million shares valued at N239.53 million. (NAN)

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