…as MTNN closes IPO
By Chioma Obinagwam
The Nigerian equities market took a downward swing on Tuesday as the NGX All Share Index decreased by 0.22 percent to close at 42,317.52 points.
Confiance News gathered from NGX on Tuesday.
Profit taking is the practice of selling an asset, mostly shares, when the asset has risen in price.
The market capitalisation of equities listed on the NGX followed the same trend, decreasing to ₦22.081 trillion from ₦22.130 trillion as on the previous day. The total volume traded closed with an exchange of 270.093 million units valued at ₦2.30 billion traded in 3,753 deals. The market breadth was negative with 13 gainers as against 18 losers.
Moreover, the NGX 30 Index decreased by 0.29 percent to close at 1,702.76 points as against 1,707.78 points as on the previous day. Market turnover closed with traded volume of 143.10 million units.
Confiance News recalls that Afrinvest Research, a financial advisory firm with a focus on West Africa, had forecast that the market will be characterised by “a mix of profit-taking and bargain hunting activities”.
Meanwhile, tier one bank, Guaranty led the losers followed by Ecobank whereas Custodian and Nigerian Breweries were the key gainers.
This negative trend is also coming on the same day when the, South African telecommunications giant, MTN Nigeria’s public offer came to an end.
Confiance News also gathered that the offer which opened on December 1, 2021 and closed on December 14, 2021 was sold for N169 per share.
