Home Business Nigeria: NSE – Heavy Sell-Offs in Wema, Zenith, MTNN Shares Spur N155 Billion Loss

Nigeria: NSE – Heavy Sell-Offs in Wema, Zenith, MTNN Shares Spur N155 Billion Loss

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The market’s cumulative loss for February stood at N1.363 trillion.

Nigerian stocks tumbled 0.74 per cent on Friday as Wema Bank’s 2020 financials release failed to wow investors, and profit-taking deepened across the market as Zenith Bank and wireless operator MTNN saw huge sell-offs in their shares.

The market lost N155 billion, bringing the cumulative loss for February to N1.363 trillion, on its last day of trade.

That compares with a total capital gain of N1.130 trillion the month before.

A 2.32 per cent slide in the insurance index to 202.09 points, which was the runt of the litter among the five sectorial indices, complicated investors’ woes.

Market breadth was negative, with 24 fallers recorded against 17 gainers.

The benchmark index contracted to 39,799.89 points, while market capitalisation eased to N20.823 trillion at the end of trade.

Year to date, the index is down by 1.17 per cent.


Oando led the flock of gainers, appreciating by 9.82 per cent to close at N1.23. Mutual Benefits added 0.40 per cent to end trade at N8.11. Courteville was up by 5 per cent at N0.21. Oando rose to N3.45, notching up 2.99 per cent in the process. NAHCO completed the top 5, climbing by 2.70 per cent to N2.28.


Wema led losers at Friday’s trade, declining by 10 per cent to close at N0.63. Champion Breweries shed 10 per cent to end trade at N2.52. Sunu Assurance fell to N0.66, losing 9.59 per cent. Africa Prudential slumped to N5.75, recording 45.74 per cent depreciation. Mansard closed at N1.06, going down by 5.36 per cent.


In all, 507.254 million shares estimated at N2.443 billion were traded in 4,465 deals.

Wema was the most active stock with 304.527 million of its stocks worth N197.628 million traded in 58 deals. 30.754 million units of FBN Holdings shares priced at N226.051 million exchanged hands in 219 transactions. Zenith had 26.613 million shares valued at N677.409 million traded in 555 deals. Transcorp traded 22.926 million shares estimated at N20.681 million in 130 transactions. UCAP traded 17.150 million shares valued at N104.609 million in 255 deals.

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