Stock market closes in red as MTNN, Eterna, Cadury, others lose

Nigeria’s stock market closed in the red on Tuesday October 22 as MTNN led other value counters that occupied the losers table.

Investors are expected to start pricing-in improved third-quarter (Q3) scorecards that have so been released by companies listed on the Nigerian Bourse.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.09percent, while the Year-to-Date (Ytd) return stood further negative at -16.11percent.

The All Share Index closed at 26,365.83 points as against the preceding day close of 26,390.08 points while Market Capitalisation closed atN12.835 trillion as against preceding day close of N12.847 trillion, representing a decline of N12billion. At the sound of closing gong, 12 companies gained as against 13 losers.

MTNN led the losers table after its share price dropped from N130 to N129, losing N1 or 0.77percent, followed by Eterna Plc which moved from a high of N3.15 to N2.85, losing 30kobo or 9.52percent.

The share price of Cadbury Nigeria Plc was also down, from N9.85 to N9.6, losing 25kobo or 2.54percent. On the gainers table, Stanbic IBTC occupied the topmost position after moving from N36.25 to N37, adding 75kobo or  2.07percent. It was followed by Cement Company of Northern Nigeria Plc which rose from N15.85 to N16    , adding 15kobo or 0.95percent. Cutix stock price rallied from N1.31 to N1.44, adding 13kobo or 9.92 percent.

Volume traded increased by 182.29percent from 245.853 million to 694.020 million, while the total value of stock traded increased by 474.75percent from N1.362 billion to N7.827 billion in 2,780 deals.                                                    

The Financial Services sector led the activity chart with 467.716 million shares exchanged for N7.199 billion; followed by Healthcare with 28.537 million shares traded for N57million.