Bears crash the party as MTN shares falls 6.67%

Nigeria’s stock market ended its bullish run, with the All-Share Index declining by 1.27% to 24,045.40. However, the market gained 4.45% for the week.

• Market activity was low, as volume and value traded dropped by 52% and 58% respectively, compared to yesterday’s numbers. Investors exchanged over 209 million units of shares worth over N2.19 billion in 4,320 deals.
• FBNH was the most active in today’s trading; it boosted market turnover by 63.05 million, while GUARANTY was the most traded stock by value at N608.77 million, thereby topping the value list.
• Market sentiment, as measured by market breadth, was negative with 17 losers led by UACN PROP (-8.00%), as against 15 gainers topped by FIDSON (+783%).
• Sector performances were negative today. The Industrial (-0.63%), Banking (-0.45%) and Oil & Gas (-0.41%) indices all closed in the red, while Consumer Goods (+1.28%) and Insurance (+0.49%) indices closed positively.

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Top gainers

CUSTODIAN up 7.69% to close at N6.3; NB up 7.45% to close at N37.5; AFRIPRUD up 5.12% to close at N3.9; GLAXOSMITH up 3.70% to close at N5.6, and ZENITHBANK up 1.32% to close at N15.4.

Top Losers

MTNN down 6.67% to close at N112; CILEASING down 4.26% to close at N4.5; GUARANTY down 2.44% to close at N21.95; BUACEMENT down 1.24% to close at N31.9, and GUINNESS down 1.64% to close at N18.

Outlook

Profit-taking by investors was noticeable, especially among blue-chip stocks. However, some traders believe the bullish run will continue, as some listed stocks remain undervalued and attractive to local investors. Nairametrics, however, recommends cautious investing.