Markets
Zenith Bank, MTNN, others drag Nigerian equity market down 0.34%
Losses recorded by MTNN, WAPCO, Zenith Bank and 11 other stocks caused the Nigerian equity market to dip 0.34% to 42,244.22 points on Wednesday.
The market capitalisation lost ₦75.3billion to ₦22.1trillion while YTD return worsened to 4.9% from 5.3%.
Trading activity waned as volume and value traded fell 18.8% and 32.5% respectively to 224.0m units and ₦2.7bn. UACN (77.4m units), MBENEFIT (15.0m units), and SOVRENINS (12.2m units) led by volume while UACN (₦696.5m), NESTLE (₦638.9m), and MTNN (₦319.8m) led by value.
Topping the laggards’ chart, the Banking index lost 1.0% due to price decline in ZENITH (-1.0%) and FBNH (-1.6%).
It was followed by the Oil & Gas and AFR-ICT indices shed 0.8% and 0.7% respectively on the back of losses in OANDO (-4.0%) and MTNN (-1.3%).
In the same vein, sell pressure on WAPCO (-3.8%) dragged the Industrial Goods index down by 0.2%.
On the flip side, the Consumer Goods and Insurance indices gained 0.6% apiece following buy interest in NESTLE (+1.4%), MBENEFIT (+3.5%), and AIICO (+1.5%).
CUTIX (+10.0%), MAYBAKER (+10.0%), and UPDC (+7.8%) led gainers while ROYALEX (-6.7%), LASACO (-6.4%), and UBN (-5.2%) led decliners.
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