How selloffs in MTNN, others down stocks market by N621.6bn

Bearish sentiment extended in yesterday’s trading session as the market capitalization lost N621.601billion to close at N34.92trillion, due to selloffs in MTN Nigeria (MTNN) -1.43 per cent, DANGCEM -9.09 per cent, among many others.

Also, the All-Share Index ASI) closed 1.75 per cent lower to settle at 64,167.39 points, marking its second successive session decline.

Specifically, selloffs in index heavyweights, MTNN -1.43 per cent, DANGCEM -9.09 per cent alongside ACCESSCORP -0.29 per cent offset the recoveries in GEREGU +5.11 per cent, WAPCO +1.08 per cent and ETI +3.33 per cent underpinning the market’s weak performance.

Consequently, the year-to-date (YTD) return fell to 25.20%, while Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 41.48 per cent.

A total of 238.04m shares valued at N2.62billion were exchanged in 6,001 deals. STERLINNG -1.99 per cent led volume chart with 32.67m units traded while MTNN (-1.43%) led the value charts in deals worth N468.15million.

Market breadth closed negative at 1.71-to-1 ratio with declining issues outnumbering advancing ones. NASCON -10.00 per cent topped 23 others on the laggard’s table while MBENEFIT +6.25 per cent led thirteen 13others on the leader’s log.