Stocks in the NGX Lost N187 Billion Yesterday Ending a Four-Day Winning

The Nigerian stock market lost N187 billion yesterday, ending a four-day straight winning due to losses experienced in MTN Nigeria Communications (MTNN) and 23 other companies which also noticed a decline in stocks.

The All Share Index (ASI) declined by 303.86 points, or 0.46%, to close at 65,687.16 points. In addition, market capitalization fell by N187 billion to N35.746 trillion.

Losses in medium and large capitalized equities, such as MTN Nigeria Communications (MTNN), Unilever Nigeria, Cadbury Nigeria, Nigerian Exchange Group, and Lafarge Africa, impacted the decline.

Yesterday market sentiment was good, as judged by market breadth, with 32 stocks experiencing gain while 24 stocks lost. 

Courteville Business Solutions, NCR Nigeria, and Seplat Energy saw the largest price gains of 10% each, closing at 66 kobo, N3.96, and N1,693.60 per share, respectively. 

FTN Cocoa Processors gained 9.92% to close at N2.66, while Japaul Gold & Ventures and Livestock Feeds gained 9.90% each to close at N1.11 and N2.11 per share, respectively.

Cadbury Nigeria and Unilever Nigeria headed the losers chart with 10% declines to close at N15.30 and N15.75, respectively, while Multiverse Mining and Exploration trailed with a 9.97% fall to close at N2.71, per share.

Omatek Ventures fell 9.62% to close at 47 kobo, while Champion Breweries fell 7.45% to N3.48, per share.

The entire amount of trading fell 9.59% to 500.430 million units, valued at N7.144 billion, and exchanged in 7,345 transactions. With 58.309 million shares valued at N871.359 million, transactions in United Bank for Africa (UBA) shares topped the activity chart. 

Access Holdings was second, with 55.244 million shares worth N991.195 million, and Universal Insurance was third, with 32.665 million shares worth N7.639 million.

Zenith Bank sold 26.476 million shares worth N933.512 million, while FBN Holdings (FBNH) sold 28.026 million shares worth N590.512 million.