NSE: Sell-offs in MTN Nigeria shares attributed to negative close

By Salamatu Ejembi, Lagos.

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Trading commenced on a positive on Tuesday with investors sentiment remaining positive for most of today’s trading session, however, late sell-offs on MTN NIGERIA COMMUNICATIONS PLC led to negative market return of 0.21%.

As a result, All Share Index which began the day at 27,115.89 basis points, fell by 0.21 percent or basis points to close at 27,058.62 basis points.

Likewise, the Market Capitalization also fell by 0.21 percent to close at N13,186 trillion Naira as compared to Monday’s close of N13,214 trillion Naira.

Consequently, the Month-to-Date and Year-to-Date losses worsened to -2.38% and -13.91% respectively.

Total volume of trades decreased by 16.40% to 209.62 million units, valued at NGN3.23 billion, and exchanged in 3,743 deals in comparison to Tuesday’s total volume of trades which stood at 250.74 million units, valued at NGN4.17 billion, and exchanged in 4,116 deals.

TRANSNATIONAL CORPORATION OF NIGERIA PLC was the most traded stock by volume at 43.59 million units, while GUARANTY Trust Bank Plc was the most traded by value at NGN1.14 billion.

Gains were evident across all sectors, as the Banking Index appreciated by +1.88%, Oil & Gas Index by +0.99%, Insurance Index by +0.59%, Industrial Goods Index by +0.56% and Consumer Goods Index by +0.22%.

Market sentiment, as measured by market breadth was positive as 20 registered stocks recorded gains relative to 13 losers.

On the gainers list, OANDO Plc and TRANSNATIONAL CORPORATION OF NIGERIA PLC recorded the largest gains by +10.0% each, while CUTIX PLC and PZ CUSSONS NIGERIA PLC recorded the largest decline by -9.62% and -8.33% respectively.

Amaka E. Nliam