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Due to sell pressure, MTN Nigeria investors lose N143 billion
MTN Nigeria’s share price declined by 3.26% to settle at N208.00 per share, bringing the market capitalization down from…
- MTN Nigeria investors lose N143 billion
- NGX closes negative with market capitalization down N25 billion
At the conclusion of Tuesday’s trading session on the Nigerian Exchange, MTN Nigeria Plc registered a market value loss of N143 billion, placing it among the day’s losers.
MTN Nigeria’s share price declined by 3.26% to settle at N208.00 per share, bringing the market capitalization down from the previous day’s N4.376 trillion to N4.233 trillion.
While speculators continue to migrate their money to money market instruments for a better yield as a result of the interest rate hi
After MTN Nigeria’s defeat, the local stock exchange was driven by pessimism, and the NGX All-Share Index ended the day 0.09% lower than where it began at 48,853.54 points.
Loss observed in MTNN (-3.26%) overshadowed positive investor interest in BUA Cement Plc (+3.60%), Zenith Bank Plc (+2.45%), and Lafarge Africa Plc (+0.23%). The market capitalization lost N24.80 billion to settle at N26.61 trillion, while the year-to-date (YTD) return decreased to 14.37%.
When the trading activity for the day was further examined, it was discovered that market turnover closed 53.94% more than the previous session. In a total of 3,286 transactions, 162.98 million shares worth N3.87 billion were exchanged.
The declines in share prices might be attributed to investors’ negative attitudes informed by the approaching general elections in 2023.
As a result, at the end of trading on the Nigeria Exchange, the sell-pressures caused a market capitalization loss of N143 billion.
NGX closes negative with market capitalization down N25 billion
The market capitalization of trading on the floor of the Nigerian Exchange (NGX) decreased by N25 billion as bears reclaimed control of the local stock exchange. The All Share Index (ASI) lost 0.09% of its value to end the day at 48,853.54 points. The market capitalization decreased by N25 billion in a similar vein.
READ MORE:Â Weekly Stock Market Report: The Nigerian Stock Exchange rises by 1.51%
The value of the stock market was N26.6 trillion as of Tuesday’s market close. The stock market has increased by 6137.1 basis points, or 12.56%, so far this year. Market breadth, meanwhile, ended the day’s trading session in the negative, with SMURFIT leading 13 gainers and SCOA leading 16 losers.
Market IndicesÂ
- NGX ASI: 48,853.54points
- Previous ASI: 48,899.08 points
- Percentage Day Change: 0.09%
- % Y-t-D: 12.56%
- Market Cap:Â N 26.609 trillion
- Volume: 162.9million
- Value: N3.87billion
- Deals: 3,286
NGX Top ASI gainersÂ
- SMURFIT up +10.00% to close at N0.22
- CORNERST up +8.70% to close at N0.50
- BUACEMENT up + 3.60% to close at N95.00
- FTNCOCOA is up +3.23% to close at N0.32
- ZENITH BANK up +2.45% to close at N23.00
NGX Top ASI losersÂ
- SCOA down – 9.30% to close at N0.78
- CHAMS is down – 8.70% to close at N0.21
- JAIZBANK down – 8.42% to close at N0.87
- LASACO down – 6.67% to close at N0.84
- UPL down – 5.46% to close at N1.73
Top 3 by VolumeÂ
- STERLNBANK – 31,611,494
- GTCO – 19,208,074
- CHAMS – 16,424,629
Top 3 by ValueÂ
- MTNN- N2,596,032,633
- GTCO– N403,287,713
- ZENITHBANK – N323,616,050