Profitable business continued on the Nigerian Exchange Limited (NGX) in the domestic stock market, with MTN Nigeria putting heavy pressure on the stock market on Tuesday.
For example, the All-Share Index fell 0.1 percent to 49,642.69 basis points. Consequently, the Month-to-Date and Year-to-Date returns are printed, -1.4 percent and +16.2 percent, respectively.
Market cap followed the direction of the ASI to be at N26.776 trillion, representing a 0.07 percent drop from the N26.794 trillion at the end of the previous trading session, as investors’ equity during the session decreased by N18 billion.
Measured by market breadth, market sentiment was mixed as an equal number of tickers were won and lost. On the performance chart, Courtville and FCMB Group topped the list of losers with a fall in value of 7.7 percent and 4.1 percent, respectively, while E-Tranzact and Sovereign Insurance posted the main gains of the day after their share price appreciated by 9. 5 percent and 7.7 percent each.
Industry performance was mixed as the oil and gas indices and insurance indices posted gains of 0.1 percent respectively, while the banking index fell 0.1 percent. Industrial goods and consumer goods indices closed flat.
Market activity, as measured by trading volume, declined in the session with a daily volume of 125.950 million units traded, down 45.93 percent from a volume of 232.945 million units traded in the previous session.
In contrast, the value of those traded shares improved 40.57 percent in the session to N3.073 billion, from a value of N2.186 billion recorded in the previous trading session.
The financial services sector dominated the volume charts with the Mutual Benefits as the most traded stock by volume for the trading session, followed by Fidelity Bank, Access Corporation, FBN Holdings and MTN Nigeria to complete the list of the five most traded stocks by volume.
In terms of the value of traded shares, MTN Nigeria took the lead among the top five best-performing companies, flanked by Airtel Africa, Nestle Nigeria, Zenith Bank and Dangote Cement.
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