NGX dips N12bn in November ahead of MTNN public offer

The Nigerian Exchange (NGX) on Tuesday ended trading for the month of November on a bearish note with a decline of N12 billion, over selling rallies in the local bourse ahead of MTN Nigeria public offer of 575 million shares priced at N169 for retail subscribers.

Following the price depreciation seen in some medium and high capitalized stocks, equity investors’ fortune dropped off N12 billion while year to date returns moderated.

Consequently, the Nigerian Exchange All-Share Index dipped by 22.89 basis points, representing a decline of 0.05 per cent to close at 43,248.05, while equity market capitalisation closed lower after losing ₦11.94 billion to close at ₦22.57 trillion.

However, the market activities were bullish as the total volume and value traded rose by 5.53 per cent and 57.16 per cent, respectively. A total of 224.91 million units valued at ₦3.71 billion were transacted in 4,331 deals.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; UPDC Real Estate Investment Trust, Guaranty Trust Holding Company (GTCO), Guinness Nigeria, Union Bank of Nigeria (UBN) and Zenith Bank.

As measured by market breadth, market sentiment remained negative, as 24 stocks lost relative to 12 gainers. AIICO Insurance recorded the highest price gain of 9.21 per cent, to close at 83 kobo, per share. Access Bank followed with a gain 4.40 per cent to close at N9.50, while Wapic Insurance appreciated by 4.17 per cent to close at 50 kobo, per share.

Ecobank Transnational Incorporated (ETI) went up by 3.73 per cent to close at N8.35, while FCMB Group appreciated by 3.33 per cent, to close at N3.10, per share. On the other hand, UPDC Real Estate Investment Trust led the losers’ chart by 9.89 per cent, to close at N4.10, per share. Ikeja Hotel followed with a decline of 9.63 per cent to close at N1.22, while UACN Property Development Company (UPDC) lost 9.32 per cent to close at N1.07, per share.

Chams shed 9.09 per cent to close at 20 kobo, while Union Bank of Nigeria (UBN) depreciated by 6.19 per cent to close at N4.55, per share.

The total volume of trades increased by 5.5 per cent to 224.910 million units, valued at N3.708 billion, and exchanged in 4,331 deals. Transactions in the shares of Access Bank topped the activity chart with 42.181 million shares valued at N389.703 million. Zenith Bank followed with 38.967 million shares worth N935.404 million, while FBN Holdings (FBNH) traded 16.894 million shares valued at N198.727 million.