Equities Market Closes Flat Amidst Bulls-Bears Struggle
The equities market halts the downturn on Wednesday, recording about N231 million gain following buying interest in International breweries and Dangote Sugar with a selloff in banking stocks.
INTBREW gained 7.4% and DANGSUGAR popped up by 1.5%, offsetting losses in a 1.2% negative price movement in UBA and a 0.9% decline in FBNH market price.
Given the trading pattern, the benchmark index settled at 51,953.41 points from 51,952.99 recorded on Tuesday, according to data from the Nigerian Exchange.
The All Share Index (ASI) closed slightly higher at 51,953.41 points when compared to 51,952.99 points it closed on Tuesday.
The slight upturn was due to gains recorded in medium and large capitalised stocks, amongst which are; Dangote Sugar Refinery, Berger Paints, Multiverse Mining and Exploration, Skyway Aviation Handling Company and International Breweries.
As measured by market breadth, market sentiment was positive, as 17 stocks gained relative to 11 losers. Skyway Aviation Handling Company recorded the highest price gain of 10 per cent to close at N5.50 per share.
Associated Bus Company followed with a gain of 9.68 per cent to close at 34k and Berger Paints up by 8.57 per cent to close at N7.60 per share.
International Breweries rose by 7.41 per cent to close at N4.35, while Multiverse Mining and Exploration gained 4.17 per cent to close at N2.50 per share.
On the other hand, Royal Exchange led the losers’ chart by 10 per cent to close at 54k per share.
Champion Breweries followed with a decline of 9.84 per cent to close at N4.58, while Computer Warehouse Group (CWG) declined by 7.53 per cent to close at 86k per share.
Mutual Benefits Assurance declined 5.88 per cent to close at 32k, while Nigerian Exchange Group shed 4.23 per cent to close at N24.90 per share.
Also, the total volume traded declined by 85.2 per cent to 255.161 million units, valued at N1.787 billion and exchanged in 3,890 deals.
Transactions in the shares of Transnational Corporation topped the activity chart with 117.529 million shares valued at N163.057 million.
Fidelity Bank followed with 38.031 million shares worth N200.387 million, while United Bank for Africa (UBA) traded 19.816 million shares valued at N169.194 million.
Zenith Bank traded 11.385 million shares valued at N290.036 million, while Royal Exchange transacted 5.933 million shares worth N3.263 million.
The Insurance index rose by 0.3% and the Consumer Goods index advanced by 0.2%. Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
Due to a selloff in UBA, FBNH, the Banking index slumped by 0.1% – the sole loser of the day. Overall, stock market capitalisation inched upward by N230.8 billion to N28.3 trillion. # NGX Closes Flat Amidst Bulls-Bears Struggle
