MTNN Spearheads Second Straight Loss on Nigerian Bourse, as NSEASI Dips -0.21%

L-R:  Deputy Permanent Secretary, Ministry of Finance and Economic Affairs The Gambia Mrs Juldeh Ceesay, Principal Manager, International Relations Division, Securities and Exchange Commission, Mr Tony Iloka and Senior Bank Examiner, Central Bank of The Gambia Mrs Mariama Conateh-Gaye during a Meeting between SEC and Ministry of Finance and Economic Affairs The Gambia, in Abuja, Tuesday

October 8, 2019

By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday closed negative, following prominent sell-offs recorded in the shares of telecom giant, MTN Nigeria Plc, as the benchmark index  lost 0.21 percent to close at 26,809.92 basis points.

Similarly, InvestmentOne reports that in Tuesday’s trade, market breadth index was negative with 14 losers compared 12 gainers.

According to the report, beer producer, Champion Breweries Plc with a loss of -9.57 percent emerged the worst loser on the floor of the Nigerian Stock Exchange (NSE) while Salt refining company, NASCON Allied Industries Plc led the gainers chart with a gain of + 10.00 percent.

Top tier lender, Zenith Bank Plc was the most actively traded stock with about 61million units of shares worth about N1billion.

In terms of sector performance, InvestmentOne update says the NSE Consumer Goods index was down by 0.09 percent, due to the losses in the shares of brewer, Champion Breweries Plc and Sugar refiner, Dangote Sugar Refinery Plc, both plunged -9.57 percent and -2.86 percent respectively, while top beer producer, Guinness Nigeria Plc also declined by -1.22 percent.

On the flip side, the NSE Oil & Gas index increased by 1.04 percent, on the back of the gains witnessed in  the shares of oil marketing majors, Forte Oil Plc and 11 Plc (formerly Mobil Nigeria Plc, both soared +6.08 percent and +5.64 percent apiece.

In the same vein, the NSE Banking index inched up by 0.05 percent following the price increments recorded in the shares of top tier lenders, Access Bank Plc and Fidelity bank Plc; both increased +0.70 percent and +0.61 percent each, while Guaranty Trust Bank Plc inched up by +0.56 percent. “The NSE Industrial index closed flat,” the InvestmentOne update said.

“The equities market closed down today following the sell-off recorded most prominently in MTNN alongside the Consumer Goods sector. We maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels,” the report affirmed.

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