NGX Tumbles on Stocks Selloffs Ahead of MTNN Public Offer
The Nigerian Exchange (NGX) dips on Tuesday over selling rallies in the local bourse ahead of MTN Nigeria public offer of 575 million shares priced at N169 for retail subscribers.
Trading data shows investors continue to dump stocks in a sustained manner after the previous day’s negative sentiment, resulting in a decline in market capitalisation and index.
Following the price depreciation seen in some medium and high capitalized stocks, equity investors’ fortune dropped off N12 billion while year to date returns moderated.
Consequently, the Nigerian Exchange All-Share Index dipped by 22.89 basis points, representing a decline of 0.05 per cent to close at 43,248.05. Equity market capitalisation closed lower after losing ₦11.94 billion to close at ₦22.57 trillion.
However, the market activities were bullish as the total volume and value traded rose by 5.53 per cent and 57.16 per cent, respectively. A total of 224.91 million units valued at ₦3.71 billion were transacted in 4,331 deals.
ACCESS topped the traded stocks in terms of volume, accounting for 18.81 per cent of the total volume of trades. It was followed closely by ZENITH BANK (17.38%), FBNH (7.54%), GTCO (7.44%), and AIICO (5.73%) to complete the top five on the volume chart.
ZENITH BANK appeared as the most traded stock in value terms, with 25.23 per cent of the total value of trades on the exchange. AIICO appeared as the most profitable stock to sustain the previous day’s position, leading the gainers’ chart with a price appreciation of 9.21 per cent.
This was followed by ACCESS (4.40%), ETI (3.73%), FCMB (3.33%), AFRIPRUD (2.36%), TRANSCORP (1.04%), UBA (0.63%), FBNH (0.42%) and three (3) others.
Today, 24 stocks remain depreciated in price, topped by UPDCREIT with price depreciation of 9.89 percent to close at ₦4.10, as CHAMS (-9.09%), OANDO (-2.04%), UCAP (-1.53%), GTCO (-1.40%), HONYFLOUR (-1.25%), DANGSUGAR (-1.22%), ZENITHBANK (-1.03%), WAPCO (-0.60%) and FLOURMILL (-0.51%) also dipped in price.
NGX data shows that the market breadth closed largely negative, recording 11 gainers and 24 losers. Consequently, the sector performance was relatively negative, as three of the five major sectors closed negatively, led by Oil & Gas (-0.40%), Consumer Goods (-0.21%) and Industrial Goods (-0.04%).
The Insurance (1.64%) and banking (0.26%) sectors grew compared to the previous session. #NGX Tumbles on Stocks Selloffs Ahead of MTNN Public Offer …Read Also: Treasury Yield Tumbles as Naira Steady Against Dollar
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source https://dmarketforces.com/ngx-tumbles-on-stocks-selloffs-ahead-of-mtnn-public-offer/