Stock Market Close Flat as Investors Sentiments Prevail

Kayode Tokede

Investors mixed sentiments prevailed yesterday in the stock market of Nigerian Exchange Limited (NGX), leading to 0.004 per cent gain.

The NGX All Share Index (ASI) rose by 2.01 basis points or 0.004 per cent to 49,627.72 basis points from 49,625.71 basis points the stock market opened for trading.  

Accordingly, investors gained N1.09 billion in value as market capitalisation went up to N26.768 trillion from N26.767trillion.

Sectoral performance was mixed, as the Insurance index depreciated by 0.6per cent and Banking index down by 0.1 per cent, while the Consumer Goods and Oil & Gas indices closed flat.

The Industrial Goods, however, gained 0.1per cent, the sole gainer among the indices on the bourse.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Nigerian Exchange Group, Multiverse Mining and Exploration, NPF Microfinance Bank and Cutix.

However, market breadth closed negative as 16 stocks lost relative to 13 gainers. Multiverse Mining and Exploration recorded the highest price gain of 9.69 per cent to close at N2.83, per share. NPF Microfinance Bank followed with a gain of 7.84 per cent to close at N1.65 and Pharma-Deko Plc went up 5.13 per cent to close at N2.05, per share.

Cutix up by 5.12 per cent to close at N2.26, while Fidelity Bank appreciated by 3.02 per cent  to close at N3.41, per share. On the other hand, Red Star Express led the losers’ chart by 10 per cent to close at N2.43, per share.  PCaverton Offshore Support Group  followed with a decline of 4.55 per cent to close at N1.05, while Livestock Feeds  lost 4.31 per cent to close at N1.11, per share.

Sovereign Trust Insurance declined 3.70 per cent to close at 26 kobo, while Lasaco Assurance shed 3.13 per cent to close at 93 kobo, per share.

The total volume of trades increased by 85.1 per cent to 160.244 million units, valued at N1.488 billion and exchanged in 3,847 deals. Transactions in the shares of Zenith Bank topped the activity chart with 26.736 million shares valued at N536.650 million. Courteville Business Solutions followed with 24.102 million shares worth N11.328 million, while Transnational Corporation of Nigeria (Transcorp) traded 16.249 million shares valued at N16.992 million.

International Energy Insurance traded 12.768 million shares valued at N20.429 million, while Chams transacted 9.314 million shares worth N3.224 million.

On market outlook, GTI Securities Limited said “domestic market records marginal growth as uncertainty trail investors’ activities. We expect cautious trading to continue pending any significant changes in the economic conditions.”