Stock market dips further by 0.34% as MTN sheds weight

The Nigerian Exchange on Wednesday closed on a bearish note, occasioned by 1.34% drop in the share price of MTN.

The All Share Index depreciated by 0.34% to close at 42,244.22 points from the previous of 42,388.57 points.

The Market Capitalisation was down by 0.34%, closing at N22.050 trillion from the previous close of N22.126 trillion, thereby shedding N76 billion.

An aggregate of 224.03 million units of shares were traded in 2,667 deals, valued at N2.66 billion.

The Market Breadth closed positive as 17 equities emerged as gainers against 14 equities that declined in their share prices.

Percentage Gainers

Cutix and May & Baker both led other gainers chart with 10% growth, closing at N2.64 and N4.51 respectively.

UPDC and Consolidated Hallmark Insurance among other gainers also grew their share prices by 7.76% and 5.08% respectively.

Percentage Losers

Royal Exchange led other price decliners as as it sheds 6.67% of its share price to close at N0.70 from the previous close of N0.75.

LASACO and Union Bank among other price decliners also shed their share prices by 6.36% and 5.15% respectively.  

Volume Drivers

UACN traded about 77.37 million units of its shares in 29 deals, valued at N696.47 million.

Mutual Benefits Assurance traded about 15.04 million units of its shares in 37 deals, valued at N4.33 million.

Sovereign Trust traded about 12.15 million units of its shares in 18 deals, valued at N3 million.

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