MTN Nigeria, Dangote Cement, Union Bank, others push stock market down

Nigeria stock market used to illustrate this story
  • Nigerian equities market closes on a negative note as market capitalisation fell to N13.3 trillion.
  • Investors take profit in bellwether stocks such as MTN Nigeria, Dangote Cement, and other stocks. 
  • Analysts expect the negative performance to persist in the absence of any major catalyst. 

MTN Nigeria, Dangote Cement, Union Bank of Nigeria and others pushed stock market down on Monday as equities closed on negative note.

The NSE All-Shares-Index by 2.22% to close at 30,194.71 points as against 1.89% depreciation recorded last Friday. This resulted in investors losing N302.41 billion in value on a single day trading while market capitalisation fell to N13.3tn. 

The market breath witnessed 14 gainers and 19 losers while its Year-to-Date (YTD) returns currently stands at -3.93%.

  • MTN Nigeria (- 7.1%)
  • Dangote Cement (-4.0%)
  • Union Bank Plc (-1.4%)
  • Forte Oil (-1.26%)
  • Africa Prudence (-2.70%)
  • ETI 9.45%
  • Unilever 8.71%
  • Dangote Flour 3.11%
  • Zenith Bank Plc 1.05%
  • GTBank 0.64%

The top traded stocks by volume were FIDELITY (28.3m units), ACCESS (20.3m units) and UBA (20.1m units) while MTNN (N948.2m), ZENITH (N168.3m) and ACCESS (N117.4m) led the top traded stocks by value. 

Analysts at Afrinvest said attributed the bearish run of the market to investors booking profit in bellwether stocks such as MTN Nigeria, Dangote Cement, and others. 

For the booked profit on large-cap stocks, analysts expect the negative performance to persist in the absence of any major catalyst. 

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Sonko’s reaction as daughter Sandra Mbuvi goes international

Sonko’s reaction as daughter Sandra Mbuvi goes international

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Eliud Kipchoge's special Sh20,000 earphones he can't live without

Eliud Kipchoge's special Sh20,000 earphones he can't live without

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Vera imports Baby Diapers from US, Help rebuild Boniface Mwangi's house & other stories on #PulseUhondoMtaani

Vera imports Baby Diapers from US, Help rebuild Boniface Mwangi's house & other stories on #PulseUhondoMtaani

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

Davido and Chioma spotted together for the first time since rumoured breakup

Davido and Chioma spotted together for the first time since rumoured breakup

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman