Can Mushe (XMU) Help Nigerians as Bitcoin and Ethereum Continue to Drop in Price

By Dipo Olowookere

Like the popular saying, what goes up must come down, the Nigerian Exchange (NGX) Limited suffered its first loss in nearly three weeks on Tuesday with a 0.19 per cent decline.

Profit-taking in MTN Nigeria, Nigerian Breweries, Zenith Bank, UBA and nine other equities melted the stock market during the session, putting a halt to the 18 consecutive sessions of gains.

However, the NGX still maintained the highest level it reached in 14 years as the All-Share Index (ASI) finished at 51,805.41 points, just 97.07 points lower than the previous day’s 51,902.48 points.

At the close of trading activities, the market capitalisation of the exchange went down by N52 billion to settle at N27.929 trillion compared with Monday’s value of N27.981 trillion.

Data from the bourse showed that the trades were lower than the preceding session as the trading volume, value and number of deals depreciated by 1.79 per cent, 9.34 per cent and 12.95 per cent respectively.

Investors transacted a total of 331.5 million shares worth N5.0 billion in 6,689 deals as against the 337.6 million shares worth N5.6 billion transacted in 7,684 deals on Monday.

Analysis indicated that GTCO attracted the highest trading volume with the sale of 52.0 million equities valued at N1.2 billion, Transcorp traded 41.3 million shares for N49.6 million, FBN Holdings exchanged 14.1 million stocks for N171.3 million, Oando sold 13.6 million shares worth N80.9 million, while Regency Assurance transacted 12.0 million equities valued at N3.3 million.

Business Post reports that despite the decline reported by the market on Tuesday, investor sentiment remained strongly positive as there were more price gainers (36) than the losers.

NAHCO topped the losers’ log after its price went down by 4.12 per cent to N6.51, Mutual Benefits depreciated by 3.85 per cent to 25 kobo, Wema Bank dropped 3.73 per cent to N3.61, MTN Nigeria lost 3.61 per cent to trade at N240.00, while Regency Assurance fell by 3.33 per cent to 29 kobo.

On the flip side, the trio of Multiverse, May and Baker and Okomu Oil gained 10.00 per cent each to settle at 22 kobo, N4.84 and N187.00 respectively, while Champion Breweries appreciated by 9.81 per cent to N4.03, with McNichols growing by 9.78 per cent to N1.01.

In terms of the performance of the sectors, only the banking index was weak as it closed lower by 0.06 per cent, while the insurance, energy, consumer goods and industrial goods counters appreciated by 2.14 per cent, 0.97 per cent, 0.78 per cent and 0.06 per cent respectively.

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