MTNN Drags Nigerian Equities Market Down -0.05% amid COVID-19 Pandemic

March 25, 2020

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market closed negative on Wednesday as all-share index (ASI) lost 0.05 percent to close at 21,729.48 points dragged by losses recorded in MTN Nigeria Plc and Total Nigeria Plc.

InvestmentOne Reports however, at the close of the session’s trade, market breadth index was positive with 20 gainers compared to 7 losers.

According to the report, cablemaker, Cutix Plc with a gain of +10.00 percent led the gainers’ chart, while Total Nigeria Plc with a loss of -10.00 percent emerged the worst loser.

Dual listed top tier lender, Guaranty Trust Bank Plc with a gain of +1.18 percent was the most actively traded stock with about 50 million units of shares worth about N848 million.

In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Oil & Gas index closed down by 1.01 percent, as a result of the decline in the shares of Total Nigeria Plc which dipped by -10.00 percent.

On the positive side, the NSE Banking index rose by 2.94 percent on the back of the buy-interests in the shares of Africa’s global lender, United Bank for Africa Plc which surged 9.09 percent, Zenith Bank Plc and FBN Holdings Plc rose +7.31 percent and +2.56 percent apiece, while Guaranty Trust Bank Plc gained  +1.18 percent.

In the same vein, the NSE Industrial index inched up by 0.35 percent, due to the gains in Cutix Plc by  +10.00 percent and cement producer, Lafarge Cement Wapco Nigeria with a gain of +4.40 percent.

While the NSE Consumer Goods index gained 0.17 percent, due to the increase in the shares of food and beverage producer, Cadbury Nigeria Plc and soap and detergent manufacturer, PZ Cussons Nigeria Plc which appreciated +9.71 percent and +8.64 percent respectively.

Performance of key stocks

 

S/N

Stock

Current Price (N)

1-day change (%)

Week to date change (%)

1

ACCESS

5.60

0.00%

-4.27%

2

DANGCEM

129.70

0.00%

0.00%

3

FBNH

4.00

2.56%

0.00%

4

FIDELITYBK

1.70

0.59%

0.59%

5

GUARANTY

17.10

1.18%

-8.06%

6

MTNN

100.00

-2.91%

-2.91%

7

UBA

4.80

9.09%

-4.00%

8

SEPLAT

544.50

0.00%

0.00%

9

ZENITHBANK

11.75

7.31%

-0.84%

10

OKOMUOIL

55.05

0.00%

0.00%

  Source: InvestmentOne Research

“The equities market closed down today due to the losses recorded in MTN and TOTAL. While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could have caused the recent sell-off in the market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term horizon,” the InvestmentOne report affirmed.

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