Stock market dips by 1.81% as MTN sheds weight

The Nigerian Exchange on Wednesday closed on a bearish note occasioned by 10% loss in the share price of MTN Nigeria. The Telecom giant on Wednesday commenced its public offer to retail investors for the sale of up to 575 million shares.

The All Share Index depreciated by 1.81% to close at 42,463.16 points from the previous close of 43,248.05 points.

The Market Capitalisation declined by 1.82% to close at N22.157 trillion from the previous close of N22.567 trillion, thereby shedding N410 billion.

An aggregate of 335.48 million units of shares were traded in 3,891 deals, valued at N3.55 billion.

The Market Breadth closed negative as 15 equities emerged as gainers against 23 equities that declined in their share prices.

Percentage Gainers

Cornerstone Insurance led other gainers with 7.69% growth to close at N0.56 from the previous close of N0.52.

AXA Mansard and Chams Plc among other gainers also grew there share prices by 7.55% and 5.00% respectively.

Percentage Losers

MTN Nigeria led other price decliners as it shed 10% of its share price to close at N171 from the previous close of N190.

Africa Prudential and UPDC among other price decliners also shed 7.69% and 7.48% of their share prices respectively.

Volume Drivers

First Bank of Nigeria Holdings traded about 133.995 million units of its shares in 285 deals, valued at N1.57 billion.

Universal Insurance traded about 36.194 million units of its shares in 13 deals, valued at N7.24 million.

Zenith Bank traded about 18.339 million units of its shares in 307 deals, valued at N440 million.

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