Stock market closes flat by 0.01%

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By Philemon Adedeji

Trading activities in the domestic equities market yesterday opened the week with bearish sentiments despite more gainers than losers.

As a result, the All Share Index (ASI) depreciated by 5.40 absolute points, representing a dip of 0.01 per cent to close at 49,676.75 points. Similarly, in naira term market capitalisation value lost N3 billion  to close at N26.794 trillion from N26.797 trillion it closed trade on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Ardova, Caverton Offshore Support Group,  John Holt Plc and others.

This week, United Capital Plc, expected the market to reverse to a bear market as investors remain cautious about the equity market amidst a rising yield environment and tight system liquidity, saying “however, investors are expected to continue cherry-picking stocks with solid underlying fundamentals.”

However, market breadth closed positive  as 18 stocks gained versus 8 losers.

On the gainers table, Trans Nationwide Express recorded the highest price gain of 9.52 per cent to close at 69 kobo, per share. UPDC Real Estate Investment Trust (UPDCREIT) followed with a gain of 9.23 per cent to close at N3.55 and Multiverse Mining & Exploration went up 9.17 per cent to close at N2.62, per share.

Vitafoam Nigeria up by 8.37 per cent to close at N22.00, while Courteville Business Solutions appreciated by 8.33 per cent  to close at 52 kobo, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.57 per cent to close at N1.04, per share.  John Holt followed with a decline of 8.99 per cent to close at 81 kobo, while Japaul Gold and Ventures lost 8.82 per cent to close at 31 kobo, per share.

AIICO Insurance declined 3.64 per cent to close at 53 kobo, while Nigerian Breweries shed 2.86 per cent to close at N45.80, per share.

The total volume traded increased by 20.38 per cent to 232.945 million units, valued at N2.186 billion, and exchanged in 4,425 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 40.421 million shares valued at N36.172 million. Access Holdings followed with 35.805 million shares worth N293.556 million, while FBN Holdings traded 23.064 million shares valued at N251.379 million.

Mutual Benefits Assurance traded 19.935 million shares valued at N6.059 million, while Zenith Bank transacted 12.450 million shares worth N273.664 million.