Stock market closes flat, as investors gain N230m

By Philemon Adedeji

Trading activities on the Nigerian Exchange Limited (NGX) closed flat yesterday caused by Investors interest in Dangote Sugar (+1.47 per cent), Union Bank (+0.71 per cent) and Transnational Corporation (+3.70 per cent) was offset by selloffs in First Bank Holding of Nigeria (-0.90 per cent), Access  Corporation (-0.57 per cent) and UBA (-1.17 per cent).

Consequently, the ASI year-to-date (YTD) remained at 1.37 per cent while the market capitalisation gained N230.80 million to close at N28.300 trillion.

Respectively the NGX All Share Index (ASI) rose just a bit by 0.42 basis points to represent 0.00 per cent to close at 51,953.41 absolute points from 51,952.99 basis points it closed transaction for the previous day.

The upturn performance was impacted by price appreciation in medium and large capitalised stocks which are, Sky Aviation, Abctrans, Berger paints, and others.

The breakdown of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 62.68 per cent.

TRANSCORP  led the volume chart with 117.53 million units traded while Zenith Bank led the value chart in deals worth N290.04 million.

The trade volume declined by 85 per cent to close at 255,160,869 million units valued at N1.787 billion were exchanged in 3,890 deals.

On the performance board, Sky Aviation recorded as the highest price gainer which rose by 10.00 per cent to close at N5.50 per share, followed by Abctrans which appreciated by 9.68 per cent to close at N0. 34 per share, while Berger paint which recorded as the last third gainer grew by 8.57 per cent to close at N7.60 per cent.

International Breweries which recorded as the last fourth gainer went up by 7.41 per cent to close at N4.35 per share, while Multiverse and Mining Evaporation which recorded as the last fifth gainer appreciated by 4.17 per cent to close at N2.50 per share.

On the laggards logs, Royalex Exchange which recorded as the most price loser shed 10.00 per cent to close at N0.54 per share, Champion Breweries which followed suffered 9.84 per cent loss to close at N4.58, while Computer Warehouse Group dipped by 7.53 per cent to close at N0.86 per share.

Mutual Benefit Assurance which recorded as the last fourth loser declined by 5.88 per cent to close at N0.32 per share, while NGXGROUP which recorded as the last fifth loser lost 4.23 per cent to close N24.90 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 117.528 million shares worth N163.058 million, Fidelity Bank which closely followed exchanged 38.030 million shares valued at N200.387 million, while United Bank of Africa transacted 19.816 million shares valued at N169.193 million.

Zenith Bank traded 11.384 million shares worth N290.035 million, while Royalex Exchange accounted 5.933 million shares worth N3.263 million.