The stock market of the Nigerian Exchange Limited (NGX) traded flat as the All Share Index (ASI) gained 0.001 per cent to close at 44,269.43 basis points.
Also, the market capitalisation remained at N24.112 trillion the same it closed prior trading day. The performance showed that gains in Access Holdings, Zenith Bank and United Capital proved strong enough to balance the losses in Geregu Power, Oando and AIICO Insurance.
As measured by market breadth, market sentiment was negative, as 18 stocks lost relative to 11 gainers. Royal Exchange recorded the highest price gain of 9.72 per cent to close at 79 kobo, per share. Cutix followed with a gain 6.83 per cent to close at N2.19, while United Capital went up by 5.73 per cent to close at N12.00, per share. Linkage Assurance went up by 2.56 per cent to close at 40 kobo, while Trans-Nationwide Express appreciated by 2.50 per cent to close at 82 kobo, per share.
On the other hand, Learn Africa led the losers’ chart by 9.52 per cent to close at N1.52, per share, while . Cornerstone Insurance and R.T Briscoe Nigeria followed with a decline of 9.09 per cent each to close at 40 kobo and 30 kobo respectively, per share. FTN Cocoa processors lost 8.82 per cent to close at 31 kobo, while Caverton Offshore Support Group shed 8.05 per cent to close at 80 kobo, per share. The total volume of trades declined by 85.4 per cent to 103.266 million units, valued at N2.139 billion, and exchanged in 3,206 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 15.126 million shares valued at N301.366 million. Geregu Power followed with 11.10 million shares worth N1.203 billion, while Guaranty Trust Holding Company (GTCO) traded 8.871 million shares valued at N156.016 million.
FBN Holdings (FBNH) traded 7.388 million shares valued at N73.695 million, while Access Holdings transacted 5.757 million shares worth N46.636 million.
On market stock market performance this week, analysts at United Capital Plc said, “despite the rebound recorded last week, we retain a near-term expectation of persistent sell pressure in the Nigerian equities market and thus recommend the market is only good for investors with patient capital. We advise speculators to trade with caution.”
