MTN, Unilever, others drag equities market decline by N2 trillion

The Nigerian stock market opened the week on a bearish note, extending its losing streak as investors lost N2.341 trillion.

Profit-taking in large- and mid-cap stocks, including Learn Africa, Unilever, MTN Nigeria, AustinLaz, Abbey Mortgage Bank, and 42 other equities, pushed the market into negative territory.

Market capitalisation declined by N2.341 trillion, or 1.57 per cent, to N146.564 trillion from N148.905 trillion. The All-Share Index (ASI) fell by 3,647.10 points, or 1.57 per cent, to close at 228,401.92, down from 232,049.02.

This led the market’s year-to-date return to moderate to 46.78 per cent. Meanwhile, market breadth closed negative, with 47 losers against 13 gainers.

MTN Nigeria, Unilever and Learn Africa led the losers’ chart, down 10 per cent each, closing at N747, N126 and N9 per share, respectively. Abbey Mortgage Bank and Austinlaz dipped by 9.94 per cent each, finishing at N7.25 and N3.17 per share, respectively.

UPDC led the gainers’ chart with a 9.23 per cent gain, settling at N3.55. Coronation Infrastructure Fund trailed by 5.45 per cent, ending the session at N116, while Sovereign Trust Insurance grew by 4.08 per cent, closing at N2.04 per share.

Neimeth Pharmaceuticals advanced by 3.45 per cent, finishing at N6, and Livestock Feeds increased by 3.03 per cent, closing at N8.50 per share.

Despite weaker market activity today, total trading volume surged to 996.47 million shares, with transactions valued at N43.73 billion across 61,813 trades.

Ikeja Hotel emerged as the most actively traded stock by volume, recording 305.54 million shares, which represented 28.94 per cent of the day’s total volume. It also led the market by value, with trades worth N13.21 billion, accounting for 29.65 per cent of the total value traded.