MTN shares drop as investors shed N110bn at stock market

The Nigerian equities market opened trading for the week on a negative note with market capitalization dropping by N110bn to close at N13.812 trillion compared with N13.922 trillion achieved on Friday.

Similarly, the All-Share Index which opened at 28,566.79 dipped 225.76 points or 0.79 per cent to close at 28,341.03, following price loses.

Investors traded 175.168 million shares worth N2.144 billion in 3111 deals against 100.373 million shares valued at N1.459 billion which exchanged hands the previous day in 2,707 deals.

A breakdown of the price movement chart indicates that Total recorded the highest loss to lead the losers’ chart with N10 to close at N130 per share.

Dangote Cement trailed with a loss of N3 to close at N170, while Guaranty Trust Bank dipped by 90k to close at N29 per share.

MTN Nigeria decreased by 65k to close at N129, while Eterna was down by 25k to close at N3.40 per share.

Conversely, Nestle led the gainers’ table, increasing by N3 to close at N1,228 per share.

Nigerian Breweries followed with a gain of 50k to close at N58.50, while Conoil appreciated by 40k to close at N20.40 per share.

Vitafoam added 16k to close at N3.70, while Dangote Flour gained 10k to close at N17.50 per share.

In spite of the drop in market indices, the volume of shares traded closed higher as investors bought and sold 175.17 million shares valued at N2.14 billion in 3,111 deals.

Wapic Insurance exchanged 42.03 million shares valued at N16.81 million.

United Bank for Africa followed with an account of 24.24 million shares worth N141.95 million, while Guaranty Trust Bank sold 16.04 million shares valued at N478.82 million.

LASACO Insurance traded 15.11 million shares worth N4.68 million, while Transcorp accounted for 14.61 million shares valued at N15.02 million.