NGX: How losses in ZENITHBANK, others offset gains by BUAFOODS

The equities market of the Nigerian Exchange Limited (NGX) on Monday ended on a bearish note, as gains in BUAFOODS were offset by losses in ZENITHBANK, GTCO and WAPCO.

At the close of the trading activity, the Lagos bourse ended mixed with a bearish tilt as the benchmark Index shed 0.01 per cent to settle at 55,788.37 points.

As a result, the ASI’s year-to-date (YTD) return fell to 8.85 per cent, while the market capitalization shed N3.34billion to close at N30.39trillion.

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 70.36 per cent.

A total of 179.03m shares valued at N2.55billion were exchanged in 4,296 deals. NGXGROUP (-9.72%) led the volume and value charts with 38.15m units traded in deals worth N994.55million.

Market breadth closed negative at a 1.89-to-1 ratio, with declining issues outnumbering advancing ones. NGXGROUP (-9.72%) topped sixteen (16) others on the laggard’s log, while MULTIVERSE (+5.04%) led eight (8) others on the leader’s table.

Meanwhile, MTN Nigeria Communications Plc (MTNN) yesterday informed the investing public of the successful allotment of incentive shares to qualified shareholders after ratification by the Securities Exchange Commission (SEC).

The offer included an incentive of one ordinary share for every twenty ordinary shares purchased and allotted up to a maximum of two hundred and fifty ordinary shares.

Consequently, 3,997,418 ordinary shares of MTN Nigeria worth N665.23 million have been credited to qualified shareholders in line with MTN Nigeria ambition of creating shared value.