MTNN, Zenith Bank, FBNH drag NGX down further

Sell pressure on MTNN, Zenith Bank and FBNH dragged the Nigerian equity market down further on Wednesday, declining 0.4%. 

The All-Share Index also dipped 0.03% or 13.74 basis points to close the day at 42,230.48 basis points from 42,244.22 basis points, the market capitalization went down by N7 billion from N22,050 trillion to N22,043 trillion.

The total volume of trades increased by 5.8% to 211.09 million units, valued at N2.46 billion, and exchanged in 2,815 deals even as 14 stocks gained while only 11 stocks declined.

UACN PLC was the most traded stock by volume at 64.95 million units and value at N617.02 million, respectively.

UNION BANK NIG, which was acquired by Titan Trust Bank appreciated  9.78% from N4.60k per share to N5.05k per share to top the gainers’ chart.

ROYAL EXCHANGE PLC grew from 0.70k per share to 0.75k per share by 0.05k or 7.14%.

Also, MUTUAL BENEFITS ASSURANCE PLC, which increased from 0.30k per share to 0.32k per share by 0.02k or 6.67%.

On the other hand, JULIUS BERGER NIG. PLC declined from N24.80k per share to N22.35k per share, losing N2.45k or 9.88%.

UPDC PLC dipped from N1.25k per share to N1.18k per share, falling by 0.07k or 5.60%. And SOVEREIGN TRUST INSURANCE PLC fell from 0.25k per share to 0.24k per share by 0.01k or 4.00%.

Sectoral performance was broadly positive as the Oil & Gas (+1.1%), Banking (+0.5%), Insurance (+0.4%) and Industrial Goods (+0.1%) indices advanced. The Consumer Goods index was flat.