Auction on MTN Nigeria Stocks Drive Market 1.8 Percent Lower

Equities exchanging at the Nigerian Exchange Limited (NGX) kept up with negative persist as Investors auctions off MTN Nigeria shares which dove by 10% at the end of exchanging exercises on Wednesday.

Precisely, the benchmark index declined by 1.8 percent to close at 42,463.16 premise points. The Year-to-Date gain of the All Share Index (ASI) moderated to +5.4 percent.

Other contributing element to the plunge in the ASI was the financial backer’s negative opinion on UPDC which persevered, prompting another 7.48 percent weight reduction on the offer cost of the property improvement company.

Other stocks on the bottom losers include African Prudential, Royal Exchange and Flour Mills of Nigerian.

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Meanwhile, as measured by market breadth, market sentiment was negative, as 21 tickers lost relative to 14 gainers.

On the performance chart, MTN Nigeria and Africa Prudential topped the losers’ list having depreciated in market value by ten per cent and 7.7 per cent respectively, while Cornerstone Insurance and Mansard Insurance recorded the most significant gains of the day, as they appreciated in stock value by 7.7 per cent and 7.6 per cent.

On sectors, the Banking, Consumer Goods and Oil & Gas indices declined by 1.2 per cent, 0.1 per cent and 0.1 per cent respectively, while the Insurance index gained 0.8 per cent. The Industrial Goods index closed flat.

However, there was an uptick in activities at the local bourse on Wednesday as the total volume of trades increased by 49.2 per cent to 335.48 million units, valued at N3.55 billion, and exchanged in 3,891 deals. FBN Holdings was the most traded stock by volume and value at 134.00 million units and N1.57 billion, respectively.