Stock market sheds N50bn as investors take profit on MTNN, GTBank, others

In line with some analysts earlier views, Nigeria’s stock market dipped by about N50billion on Thursday June 4 as investors took profit on value counters like MTNN Plc, GTBank Plc and Access Bank Plc.

Before now, a three-day rally had put about N86billion in investors pockets. MTNN Plc led other stocks in the losers league after its share price moved from N118 to N116, losing N2 or 1.69 percent, followed by that of GTBank Plc which decreased from N25 to N24.5, shedding 50kobo or 2percent.

Gains in stocks like Dangote Cement Plc and Dangote Sugar Refinery Plc could not reroute the market to stay positive.

Dangote Cement Plc increased from N140.5 to N141.9, adding N1.4 or 1percent while Dangote Sugar Refinery Plc rose from N14.05 to N15, up by 95kobo or 6.76percent. Year-to-date negative return increased to -5.70 percent.

At the close of trading session on Thursday, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.38percent to 25,312.05 points while the value of listed stocks decreased to N13.204trillion from preceding day high of 25,407.96 points and N13.254trillion respectively.

In 4,550 deals, equity dealers exchanged 270,193,043 units valued at N5.29billion. FBN Holdings Plc, Zenith Bank Plc, FCMB Group Plc, GTBank Plc and Dangote Cement Plc were actively traded stocks on the Nigerian Bourse.

Equities close week on a negative note

By Iheanyi Nwachukwu • June 5, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.