20 Firms Lose As Stocks End Four-day Gaining Streak
The stock market closed on a negative note on Tuesday at the end of trading on the floor of the Nigerian Exchange Limited after a four-day gaining streak.
The NGX All-Share Index dropped by 0.12 per cent to 38,802.19 basis points while the market capitalisation fell by N24.45bn from N20.24tn on the previous trading day to N20.22tn.
Twenty firms recorded losses on Tuesday, with UPDC Real Estate Investment Trust falling the most as its share price fell by 6.67 per cent to close at N5.60.
Unity Bank Plc lost 6.45 per cent to close at N0.58 per share; NPF Microfinance Bank Plc dropped by 5.29 per cent; UPDC Plc lost 5.19 per cent and Chams Plc declined by 4.76 per cent.
Trading volumes declined by 1.40 per cent as equity investors exchanged 243.09 million shares worth N1.90bn in 4,326 deals on Tuesday, compared to 245.56 million shares worth N2.24bn traded in 4,676 deals on Monday.
Oando Plc led the 20 firms who saw increases in their share prices as it rose by 9.86 per cent and closed the day at N4.79 per share.
It was followed closely by Champion Breweries Plc with a gain of 9.00 per cent and a closing share price of N2.30.
Other top five gainers were FTN Cocoa Processors Plc (8.89 per cent), Fidson Healthcare Plc (6.73 per cent) and Livestock Feeds Plc (6.02 per cent).
MTN Nigeria Plc emerged as the most traded stock by value with N220.04m worth of its shares traded on the open market in 94 deals.
Access Bank Plc’s equity trading volume was the highest on Tuesday at 21.77 million shares in 209 transactions.
Analysts from Cordros Capital said, “Sentiments in the domestic bourse turned negative, as selloff of bellwether stock – MTNN (-6.7 per cent) triggered a 0.1 per cent decline in the ASI to 38,802.15 points.
“As measured by market breadth, market sentiment was flat, as an equal number of tickers gained relative to losers.”