Bears resurface on Nigerian Exchange, investors lost N185bn as MTNN, Dangote, Honeywell Fall

The Nigerian Exchange Equities market closed trading session on a negative note as the NGX-ASI declined 0.3 per cent to close at 102,836.13 points, owing to sell pressure on MTNN, FBNH, and WAPCO. Consequently, YTD return retreated to – 0.1 per cent (previously: 0.2%), while market capitalisation shed 0.3% to N63.1t. MTN Nigeria Plc (Ticker: MTNN), Dangote Sugar Refinery, and Honeywell Flour Mills stock sell pressures knocked off more than N185 billion from the Nigerian Exchange (NGX) on Wednesday, stockbrokers said in their separate reports. The equities market closed today’s trading session in the red, with key market performance indicators dropping by 0.29% due to activities of sell-side actors in the local bourse. Profit-taking activities were rapid and fast amidst uncertainties and strong portfolio rebalancing ahead of the fourth quarter earnings release. 
The plunge posted in the Nigerian market marked a reversal of the recent positive trend, fuelled by investors’ weak sentiments in medium- and large-cap stocks, such as MTNN, HONYFLOUR, DANGSUGAR, and others. Trading details showed that the market index, or All-Share Index, decreased by 301.86 basis points to close at 102,836.13. However, market activities were mixed as the total volume traded dropped by 10.33% while the total value of all transactions increased by 26.61%, respectively.
In its note, Atlass Portfolios Limited told investors that approximately 394.82 million units valued at N15,156.78 million were transacted across 10,766 deals.  ACCESSCORP led the volume chart in the local bourse, accounting for 23.40% of the total volume of traded. Other volume drivers include UBA (6.87%), STERLINGNG (5.84%), AIICO (4.56%), and ZENITHBANK (4.32%). GEREGU emerged as the most traded stock in value terms, accounting for 19.29% of the total value of traded on the exchange.
SCOA topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by CADBURY, which gained +9.65%. Other gainers include NSLTECH (+9.59%), CILEASING (+5.85%), FTNCOCOA (+5.41%), NEIMETH (+4.16%), and seventeen others. Twenty-four stocks depreciated, according to stockbrokers’ reports. MULTIVERSE was the top loser, with a price depreciation of -9.87%. Other decliners include MAYBAKER (-9.78%), REDSTAREX (-4.75%), HONYFLOUR (-4.74%), MTNN (-3.63%), and DANGSUGAR (-2.73%). Today, the market breadth closed slightly negative, recording 23 gainers and 24 losers. Also, the market sectoral performance was negative as four of the five major market sectors went south. The insurance sector declined by 0.91%, followed by the consumer goods sector, which fell by 0.26%, while the industrial sector lost 0.18%, and the oil & gas index shed 0.11%. The Banking sector was up of 0.61% Overall, the equities market capitalisation of the Nigerian Exchange lost N185.22 billion to close at N63.15 trillion. #Nigerian Exchange Lost N185bn as MTNN, Dangote, Honeywell Fall