The Nigerian stock market maintained pessimistic sentiments yesterday as market capitalization dropped by N1.068 trillion to close trading for the month of January due to losses in MTN Nigeria Communications (MTNN) Plc and 56 other companies, following losses suffered by numerous highly capitalized stocks, particularly MTNN and Conoil.
As a result, the All Share Index (ASI) closed at 101,154.46 points, down 1,955.69 points or 1.90 percent. Additionally, market capitalization closed at N55.358 trillion, down N1.068 trillion.
Losses in medium- and large-cap equities, such as those in MTNN, Conoil, NASCON Allied Industries, Dangote Sugar Refinery, and Guaranty Trust Holding Company (GTCO), had an impact on the market decline.
Market mood was negative as indicated by market breadth, with 11 equities rising compared to 57 falling. The biggest price increases were reported by PZ Cussons Nigeria and Tripple Gee and Company, which closed at N33.10 and N3.42, respectively, and 9.97% and 9.69%, respectively, while Geregu Power came in second with a gain of N568.
Veritas Kapital Assurance saw a 9.09 percent increase to conclude at 60 kobo per share, while McNichols saw a 9.66 percent increase to close at N1.59 kobo. To close at N36.00, N6.21, 72 kobo, N12.96, N1.80, N35.10, and N5.67 per share, respectively, Lafarge Africa, May & Baker Nigeria, Royal Exchange, Transnational Corporations (Transcorp), UPDC, Zenith Bank, and Sterling Financial Holdings Company led the losers’ chart by 10%.
Japaul Gold & Ventures saw a 9.97% loss in value to conclude at N2.62 per share, while Conoil saw a 9.98% decline to close at N101.00.
At N22.492 billion, or 749.128 million units, traded in 14,288 deals, the total traded volume climbed by 15.44%. Transcorp transactions of 79.679 million shares, valued at N1.062 billion, led the activity chart. Zenith Bank traded 61.176 million shares valued at N2.257 billion, while United Bank for Africa (UBA) came in second with 61.336 million shares worth N1.551 billion.
Access Holdings sold 43.489 million shares for N1.044 billion, while Guaranty Trust Holding Company (GTCO) traded 47.913 million shares valued at N1.839 billion.
