NGX ASI Loses Another N34.88 Billion Despite MTNN Rise In Share Value

Profit taking continued in the Nigerian stock market yesterday as ZENITHBANK (-0.93%), FBNH (-0.46%), and PRESCO (-1.44%) forced the market into a bearish close despite MTNN (+0.49%) rise in share value.

Thus, the all-share index fell further by -0.14% to close at 47,296.07 basis points, which represented a 64.72 bps decline from the previous session position of 47,360.76 basis points.

Consequently, the ASI index decline further by 186.66 bps from the 52-week highest position all-share index of 47,482.73 basis points (the highest resistance point).

The Week-to-Date (W-t-D) and Month-to-Date (M-t-D) indexes declined by -0.07% and -0.21%, while the and Year-to-Date (Y-t-D) moderated at +10.72%.

Furthermore, the volume of trade fell by 13.04% to close at 243.44 million units traded in 7,056 transactions, compared to the previous session's figure of 279.53 million units traded. However, the value of shares grew by 65.16% to close at NGN6.86 billion, compared to the previous session's figure of NGN4.2 billion traded.

Consequently, the equity market lost another NGN34.88 billion as its cap closed at NGN25,490.01 trillion as against its previous session position of NGN25,524.89 trillion.

TRANSCORP continue to attract the attention of investors as its dominance of the volume trade was unchallenged, with 28.2 million units traded, while MTNN huge rise in share value made it the biggest player in the value of trade segment, with NGN4.7 billion worth of shares traded.

Despite their negative closure, ZENITHBANK, with a share value of NGN316.7 million, and FBNH, with a volume trade of 14 million units were some notable mention.

As measured by market breadth, the mood in the market was extremely negative as 33 stocks lost relative to 11 stocks that gained.

The most gains were made by ABCTRANS (+9.38%), which closed trading at NGN0.35/unit, LASACO (+7.62%), which closed trading at NGN1.134/unit, JAIZBANK (+5.71%), which closed trading at NGN0.74/unit, and AFRIPRUD (+3.85%), which closed trading at NGN6.75/unit, while CAP (-10.00%), which closed trading at NGN17.55/unit, RTBRISCOE (-10.00%), which closed trading at NGN0.63/unit, REDSTAREX (-9.78%), which closed trading at NGN3.32/unit, and ROYALEX (-9.70%), which closed trading at NGN1.49/unit, registered the most losses.