Stock Market Closes Flat, Loses N1bn

Activity on the Nigerian stock market yesterday was flat as the capitalisation declined by N1 billion amid profit-taking on MRS Oil Nigeria and 21 others.

The All-Share Index declined by 1.63 per cent, representing a decrease of 0.003 per cent, to close at 55,603.94 points. Similarly, the overall market capitalisation value lost N1 billion to close at N30.290 trillion. 

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MRS Oil Nigeria, Multiverse Mining and Exploration, Zenith Bank, NCR Nigeria and FBN Holdings (FBNH).

Afrinvest Limited said: “in the next trading session, we expect mild gains in the market as investors hunt for bargains.”

The market breadth was negative as 22 stocks lost relative to 10 gainers. Caverton Offshore Support Group  recorded the highest price gain of 9.62 per cent to close at N1.14, per share. UAC of Nigeria (UACN) followed with a gain of 7.60 per cent to close at N9.20 and Wapic Insurance up by 5.00 per cent to close at 42 kobo, per share.

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AXA Mansard Insurance rose by 4.50 per cent to close at N2.09, while Chams Holding Company gained 3.85 per cent to close at 27 kobo, per share. 

On the other hand, MRS Oil Nigeria led the losers’ chart by 10 per cent to close at N31.05, while NCR Nigeria followed with a decline of 9.88 per cent to close at N2.92, per share. 

Multiverse Mining and Exploration declined 9.85 per cent to close at N3.57, while Cutix and Veritas Kapital Assurance shed 9.09 per cent each to close at N2.00 and 20 kobo respectively, per share.

Meanwhile, the total volume traded increased by 29.07 per cent to 159.460 million units, valued at N2.476 billion, and exchanged in 4,187 deals. 

shares of Transnational Corporation (Transcorp) topped the activity chart with 14.420 million shares valued at N18.467 million. Zenith Bank  followed with 13.261 million shares worth N344.877 million, while Guaranty Trust Holding Company (GTCO)  traded 11.871 million shares valued at N311.013 million.

United Bank for Africa (UBA) traded 11.141 million shares valued at N95.469 million, while Fidelity Bank transacted 10.225 million shares worth N52.520 million.