Following renewed sell-offs, especially in bellwether stocks such as MTN Nigeria Communications, Zenith Bank, Guaranty Trust Holding Company and United Bank for Africa, trading at the floor of the Nigerian Exchange Limited recorded one week straight loss.
The negative sentiment, which trailed the domestic bourse, saw the NGX All-Share Index dipped by 2.63 per cent week-on-week to close at 42,167.91 basis points. As a result, investors lost N595.04bn.
Market activity was negative across all the sub-indices tracked, as investors stood on the sidelines.
The banking, insurance, consumer goods, oil and gas and industrial indices plummeted by 1.23 per cent, 0.29 per cent, 0.01 per cent, 3.51 per cent and 0.08 per cent to close at 381.55bps, 188.52bps, 546.38bps, 348.24bps and 2,192.12bps respectively.
The total volume and value of stocks traded decreased by 59.15 per cent and 36.57 per cent to 1.28 billion units and N17.34bn, while total deals rose by 26.43 per cent to 19,990.
Despite the company’s offer of its shares to retail investors at N169 per share, MTNN share lost N23 to close at N167. During the week under review, Zenith, GTCO and UBA shares lost 85k, 9k and 2k to close at N23.50, N24.10 and N7.90 respectively.
At the close of the week’s trading, UPDC share price fell by 24 per cent to 0.99k to lead the losers’ table. While Consolidated Hallmark Insurance followed by shedding 20 per cent to close at 0.44k, UPDC Real Estate Investment Trust declined by 19 per cent to close at N4.10. MTNN took the fifth position as FTN Cocoa Processors dipped by 13 per cent to close at 0.35k.
Meanwhile, NEM Insurance, Linkage Assurance, Prestige Assurance Co, AIICO Insurance and Cutix share prices led the gainers’ table to close at N2.25, 0.56k, 0.51k, 0.74 and N2.89 respectively.
Analysts expect the local stock market index to trade sideways, in the new week, as investors turn some of their shareholdings to cash ahead of the Yuletide.
“Nevertheless, we feel this move would create ample opportunity for medium to long-term investors to buy cheaply,” Cowry Asset Management stated in its report.
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