Home Companies&Markets NSE: Equities retreat as investors sell-off MTNN, ZENITHBANK and WAPCO stocks

NSE: Equities retreat as investors sell-off MTNN, ZENITHBANK and WAPCO stocks

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STOCK EXCHANGE

TUE 09 MARCH, 2021-theGBJournal- Trading on the domestic equities market reversed yesterday’s gain, as investors sold off bellwethers – MTNN (-5.9%), ZENITHBANK (-2.0%) and WAPCO (-8.0%). Consequently, the benchmark index declined by 1.8% to 38,686.85 points. Accordingly, the Month-to-Date and Year-to-Date losses increased to -2.8% and -3.9%, respectively.

The total volume of trades increased by 64.8% to 489.98 million units, valued at NGN6.65 billion, and exchanged in 4,616 deals. UBA was the most traded stock by volume at 123.27 million units, while MTNN was the most traded stock by value at NGN2.43 billion.

Performance across sectors was broadly negative, as four out of our five coverage indices – Banking (-5.3%), Insurance (-0.6%), Industrial Goods (-0.5%) and Oil & Gas (-0.2%) indices – closed in the red. The Consumer Goods (+0.4%) index was the lone gainer.

As measured by market breadth, market sentiment turned negative (0.6x), as 24 tickers lost relative to 14 gainers. ETERNA (-10.0%) and UBA (-10.0%) recorded the largest losses of the day, while CHAMPION (+9.8%) and NEIMETH (+9.7%) topped the gainers’ list.

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