Stock Market Losing Streak Continues as MTN Leads Top Decliners
By Aboki Forex —
The Nigerian stock market extended its losing streak on Monday as panic sell-offs by investors pushed the Nigerian Exchange (NGX) lower. The decline was driven by broad-based selling pressure across insurance, banking, consumer goods, industrial goods, and energy stocks.
Market data showed that sentiment remained weak. Only 17 equities closed higher, while 45 stocks ended the session in the red. This resulted in a negative market breadth.
At the close of trading, the NGX All-Share Index (ASI) fell by 3,682.70 points to 228,366.32 points from 232,049.02 points. Market capitalisation declined to N146.542 trillion from N148.905 trillion.
Sectoral Performance
The NGX Insurance Index led the losers, declining by 1.33%. The NGX Banking Index followed with a drop of 1.22%. The NGX Consumer Goods Index declined by 0.63%. The NGX Industrial Goods Index shed 0.39%. The NGX Energy Index dipped slightly by 0.06%.
Top Decliners
Learn Africa dropped 10.00% to close at N9.00. MTN Nigeria declined by 10.00% to N747.00. Unilever Nigeria fell 10.00% to N126.00. Austin Laz declined by 9.94% to settle at N3.17. Universal Insurance dropped 9.90% to trade at N28.12.
Top Gainers
Sovereign Trust Insurance led the gainers, rising 4.08% to close at N2.04. Cornerstone Insurance gained 3.45% to trade at N6.00. Neimeth appreciated by 3.03% to N8.50. Livestock Feeds advanced 1.92% to N7.95. C&I Leasing increased by 1.90% to N5.35.
Trading Activity
Trading activity increased significantly during the session. Investors exchanged 996.5 million shares valued at N43.7 billion in 61,813 deals. This represented a rise in trading volume, value, and deals compared with the previous session.
Ikeja Hotel led market activity with 305.5 million shares worth N13.2 billion. Access Holdings followed with 289.9 million shares valued at N6.6 billion. Dangote Sugar traded 29.4 million shares worth N1.9 billion. Chams exchanged 22.0 million shares valued at N87.9 million. Zenith Bank recorded 21.2 million shares.