Equities market closes flat, investors suffer N5bn loss

By Philemon Adedeji

Yesterday, at the Nigerian Exchange Limited (NGX) stock market closed flat experiencing a significant sell off in MTNN and banking stocks keeping the market in the negative terrain leading to a decline in the All Share Index (ASI) closed by 9.49 basis points or 0.01 per cent to 63,757.23 index points from 63,766.72 index points it closed for previous trading.

As a result, the year-to-date (YTD) return slipped to 24.40 per cent, while  market capitalisation shed by N5.17 billion to close at N34.716 trillion from N34.721 trillion it closed previously.

The breakdown of yesterday’s market performance of showed trade turnover settled lower relative to the previous session, with the value of transactions down by 76.45 per cent.

The trade volume declined by 54.4 per cent to close at 473,492,114 million shares valued at N10.081 billion were exchanged in 7,403 deals.

JAPAULGOLD (-1.23 per cent) led the volume chart with 77.98 million units traded while GEREGU Power (-10.00 per cent) led the value chart in deals worth N4.86 billion.

The market sentiment close negative as Honey Flour topped 24 stocks on the Price movement chart, while Prestige Assurance led  27 stocks on the price losers chart.

On the price movement chart, Honey Flour topped as the highest with 10.00 per cent increased to close at N3.63 per share, closely followed by Eterna Oil Plc which rose by 9.98 per cent to close at N28.65 per share, while Academy Press grew by 9.95 per cent to close at N2.21 per share.

Skyway Aviation which emerged as the last fourth gainer appreciated by 9.83 per cent to close at N16.20 per share Rt.Briscoe which recorded as the last fifth gainer went up by 9.80 per cent to close at N0.56 per share.

On the laggards log, Prestige Assurance and Geregu Power emerged as the highest price loser which depreciated by 10.00 per cent each to close at N0.45 and N315.0 per share, while FTNCocoa Processor which closely followed went down by 9.61 per cent to close at N2.07 per share.

Linkages Assurance which recorded as the last fourth loser dipped by 9.09 per share to close at N0.70 per share Jaiz Bank which recorded as the last fifth loser decreased by 9.04 per cent to close at N1.71 per share.

Transaction in the shares of Japaulgold topped the activities chart with 77.983 million shares worth N64.586 million, followed by First City Monument Bank which transacted 36.622 million shares value at N221.830 million, while Sterling Bank traded 31.239 million shares worth N109.046 million.

Dangote Sugar transacted 30.704 million shares valued at N845.901 million, while Fidelity Bank traded 22.283 million shares worth N160.859 million.