Stock market loses N25bn over selloffs in MTN, Dangote Sugar, others

The Nigerian stock market, on Wednesday, July 17, 2024, lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar, and Guaranty Trust Holding Company (GTCO), among other stocks.

The market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, while Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Banking stock selloffs keep stock market indices flat

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64, and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million.

The Star