Due to renewed profit-taking in MTN Nigeria, Unilever, and 14 other stocks, trading on the Nigerian Exchange Limited (NGX) ended on a downturn yesterday, which caused the All-share index to decline by 0.02 percent.
The All Share Index (ASI) closed at 52,308.88 points after losing 11.06 absolute points, or 0.02 percent. The market cap decreased by N6 billion to N28.208 trillion at the close.
Losses in medium and large capitalized stocks, including MTN Nigeria Communications (MTNN), Unilever Nigeria, Union Bank of Nigeria (UBN), Multiverse Mining & Exploration, and Academy Press, had an impact on the downturn.
According to analysts at GTI Securities Limited, “investors start cautious trading in response to recent inflation numbers, and the equity market records its first loss for the week. Through the week, cautious trading is what we anticipate.
Following the Central Bank of Nigeria’s (CBN) decision to increase the Monetary Policy rate by 100bps, Vetiva Dealings and Brokerage stated: “As investors continue to trade carefully, we are likely to witness further bearish sessions.”
Market mood, as indicated by market breadth, closed level with 16 gains and 16 losses.
Multiverse Mining and Exploration, which closed at N1.62 kobo, led the losers’ chart by 9.50%. Academy Press down by 7.00 to close at N1.86 kobo, while Japaul Gold and Ventures dropped by 7.41 percent to close at 25 kobo.
UACN Property Development Company (UPDC) fell 4.03 percent to settle at N1.19 kobo, while Caverton Offshore Support Group lost 6.57 percent to close at N1.28.
To finish at N5.20 kobo, Union Bank lost 3.70 kobo. Unilever lost 3.23% of its value to close at N15. Unity Bank lost 2.22 percent of its value to finish at 44 kobo. NEM decreased 2.02% to finish at N3.40 kobo. In addition, International Breweries lost 1.72 percent to end the day at N5.70 kobo.
R.T. Briscoe Nigeria, however, saw the largest price increase of 10% to close at 44 kobo. Cornerstone Insurance increased by 6.45 percent to settle at 66 kobo, while GlaxoSmithKline Consumer Nigeria gained 9.02 percent to close at N6.65.
FTN Cocoa processors increased by 6.06 percent to close at 35 kobo, while Courteville Business Solutions increased by 6.38 percent to close at 50 kobo.
With 4,127 transactions, the total volume traded grew by 76.9% to 205.641 million units, worth N2.787 billion. United Bank for Africa (UBA) share transactions, totaling 74.276 million shares valued at N556.835 million, topped the list of activities. Following Access Holdings, AIICO Insurance traded 14.099 million shares for N8.895 million, and 16.092 million shares worth N146.445 million were traded by Access Holdings.
Guaranty Trust Holding Company (GTCO) traded 8.883 million shares for N190.492 million, while FBN Holdings traded 12.818 million shares worth N140.498 million.