14 stocks including MTNN see losses.

Index falls 0.08% as 14 stocks including MTNN see losses. Transactions on the Nigerian Exchange Limited (NGX)

equity market reopened yesterday on a downward trend,

despite price increases that outnumbered losses. The All-share index dropped by 0.08 percent,

https://info360.com.ng/2024/06/13/dangote-recounts-the-forces-he-encountered/: 14 stocks including MTNN see losses.

with price declines in MTN Nigeria and 14 stocks contributing to the decline.The All-Share Index saw a decrease of 84.34 percent,

or 0.08 percent, at the end of yesterday’s trading to close at 99,840.95 points. Similarly,

the market capitalization value dropped by N48 billion to N56.479 trillion at the close.

The two-day public holiday scheduled for Monday, June 17, and Tuesday, June 18, 2024, in observance of Eid al-Kabir,

could potentially be the cause of the decline.

Price depreciation of major and medium capitalization stocks, including MTN Nigeria Communications (MTNN),

Nigerian Breweries, FBN Holdings, United Bank for Africa (UBA), and FCMB Group, was the primary cause of the market’s dismal performance.

“We expect activities in the fixed income market to continue as a strong demotivator towards equities investments,”

stated United Capital Plc in a statement about its future outlook. The anticipated high base effect of inflation in

June 2024 is a major hope for the market.We anticipate that bargain-hunting in the equity market will continue unabated,

especially around fundamentally sound stocks (which are currently trading around their oversold region)

and stocks with pending corporate actions, given the indications that the market is significantly oversold, which have been caused by the +750bps MPR hike year to date.”

Nonetheless, the market’s breadth was favourable at closing, with 40 stocks rising against 15 decliners.

University Press closed at N2.75 kobo, recording the biggest price gain of 10%. Champion Breweries saw an increase of 9.83 percent to

conclude at N3.24 kobo, while Guinness Nigeria saw a gain of 9.96 percent to close at N66.25 kobo.

Veritas Kapital Assurance gained 9.46% to conclude at 81 kobo, while Honeywell Flour Mills appreciated by 9.52% to close at N3.45.

Conversely, Caverton Offshore Support Group closed at N1.41 kobo, leading the losers’ chart by 9.62 percent.

Following with a 9.52 percent fall to conclude at 57 kobo, Nigerian Breweries saw an 8.37 percent decline to close at N29.

AXA Mansard Insurance lost 4.37 percent to end at N5.25 kobo, while Wapic Insurance lost 5.71 percent to close at 66 kobo.

Omatek fell 3.13 percent to close at 62 kobo, while tantalizers lost 4.17 percent to close at 46 kobo.

MTN closed at N214.80 after depreciating by 2.67 percent. FBN Holdings closed at N22 after falling 2.65%. Additionally,

Sunu Assurance saw a 2.50 percent decline, closing at N1.17 kobo.

In addition, 9,899 deals totaling 1.383 billion units—worth N16.484 billion—were traded during the 334.91% surge in trade volume.

The activity chart’s highest transaction value was N11.317 billion, or 1.047 billion worth of Fidelity Bank shares.

Veritas Kapital Assurance traded 55.732 million shares valued at N44.315 million, while AIICO Insurance came in second with 60.671 million shares worth N58.897 million.

Zenith Bank transacted 15.269 million shares worth N545.480 million, while UBA traded 21.641 million shares valued at N480.450 million.