NGX: Bears persist amid selloffs in MTN, GTCO, Zenith, Access stocks

The equity market continued to record a negative posture, as market capitalisation shed N136.88 billion to close at N27.06 trillion from N27.20 trillion recorded on Tuesday, making the decline the seventh consecutive session.

Selloffs in stocks of telecommunication company, MTN Nigeria and losses in Tier-1 banks which include Guaranty Trust Holding Company (GTCO), Zenith Bank and Access Corporation led to the decline.

Also, the benchmark All-Share Index dropped further by 0.50 per cent to close at 50,188.55 points from 50.442.37 points posted at the previous session.

Consequently, the year-to-date (YTD) return fell to 17.49 per cent.

Meanwhile, the market breadth closed negative as declining issues outnumbered advancing ones with 34 stocks on the laggard’s log three on the leader’s table.

Custodia Insurance, Jaiz Bank and Prestige Insurance led the laggards’ chart by 10 per cent to close at N7, 80k and 40k per share respectively.

Meyer and Baker followed with 9.92 per cent to close at N2.52, while Cutix was down by 9.78 per cent to close at N2.25 per share.

Conversely, First City Monument Bank (FCMB) topped the gainers’ chart in percentage terms by 3.33 per cent to close at N3.10 per share.

NASCON followed with a gain of 0.91 per cent to close at N11.10 per share.

Nigerian Breweries rose by 0.42 per cent to close at N47.70 per share.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 39.79 per cent.

In all, the total volume traded stood at 829.51 million shares worth N4.11 billion traded in 4,977 deals.

Transactions in the shares of Transcorp topped the activity chart with 23.27 million shares valued at N23.21 million.

Guaranty Trust Bank Holding Company (GTCo) followed with 15.7 million shares worth N313.15 million, while United Bank for Africa (UBA) traded 13.2 million shares valued at N92.25 million.

First Bank of Nigeria Holdings (FBNH) traded 12.67 million shares valued at N138.12 million, while Zenith Bank traded 9.28 million shares worth N192.3 million. 

(NAN)