Stock Market Close Flat Amidst Bargain Hunting

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Amidst bargain hunting, the Nigeria equity market closed near flat as the market indicators (NGX-ASI and Market Cap.) dipped marginally by 0.003 percent. The All-Share Index shed 1.50 points, representing a 0.003 percent decline, and closed at 51,802.48. While the Market Capitalization lost ₦810Mn to decrease by 0.003 percent and closed at ₦27.93 trillion.

→ Meanwhile, the market activities were mixed, as the Total Volume rose by 32.38 percent while the Total Value dipped by 73.08 percent. Approximately 416.47 million units valued at ₦3.46 billion were transacted in 4,466 Deals. MBENEFIT emerged as the most traded stock in terms of volume, accounting for 51.09 percent of the total volume of trades, followed closely by GTCO (10.13%), UBA (5.77%), FBNH (5.57%), and ACCESSCORP (5.42%) to complete the top five on the volume chart. While GTCO appeared as the most traded stock in value terms, with 25.09 percent of the total value of trades on the exchange.

→ IKEJAHOTEL topped the advancers’ list with a price appreciation of 10.00 percent, trailed closely by ETERNA (4.41%), DANGSUGAR (1.88%), FBNH (1.79%), ZENITHBANK (0.23%), NGXGROUP (0.22%), WAPCO (0.19%) and ten (10) others. On the contrary, fourteen (14) stocks also depreciated, topped by UPL with a price depreciation of 9.62 percent, to close at ₦2.35, as ETI (-2.73%), UCAP (-1.56%), GTCO (-0.97%), UBA (-0.67%), MTNN (-0.09%) also dipped in price. In that regard, the market breadth closed negative, recording 17 gainers and 14 losers.

→ In the meantime, sectoral performance was bullish, as four of the five sectors closed positively compared to the previous session, led by Insurance (0.46%), Consumer Goods (0.09%), and Oil & Gas (0.07%) and Industrial Goods (0.005%). While the Banking sector plunged by 0.07%.