NGX: Stock market closes flat

The stock market of the Nigerian Exchange Ltd. (NGX) closed flat on Monday as the capitalisation declined by N2 billion amid sell-offs in Dangote Sugar and 19 other stocks

Notably, the market capitalisation, which opened at N55.554 trillion, shed N2 billion to close at N55.552 trillion.

Consequently, the All-Share Index also lost five points to settle at 98,223.97, in contrast to 98,228.50 posted on Tuesday.

As a result, the year-to-Date (YTD) return slipped to 31.36 percent.

Sell-offs in banking stocks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Corporation, PZ Cussons Nigeria, International Breweries, and Dangote Sugar, among others, left the market in the red.

Also, the market breadth closed negative with 20 losers and 14 gainers.

On the losers’ table, PZ led by 10 percent to close at N34.20, and International Breweries trailed closely by 9.89 percent to close at N3.92 per share.

McNichols Plc lost 9.73 percent to close at N1.02, Sterling Nigeria dropped 9.59 percent to close at N4.43, and Linkage Assurance went down by 9.41 percent to close at 77k per share.

Conversely, Okomu Oil led the gainers’ table by 9.98 percent to close at N255.70, Tantalizers followed by 8.33 percent to close at 39k, and Cutix gained 5.26 percent to close at three Naira per share.

Initiative Plc rose by 4.76 percent to close at N2.20, and WAPIC advanced by 4.4 percent to close at 71 kobo per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 9.94 percent.

A total of 319.08 million shares valued at N9.18 billion were exchanged in 8,121 deals, compared to 425.66 million shares valued at N8.35 billion exchanged in 9,620 deals traded in the previous session.

Meanwhile, the United Bank of Africa (UBA) led the volume chart with 79.98 million shares valued at N2.07 billion, followed by Transnational Corporation with 38.59 million shares worth N472.37 million.

Access Corporation sold 34.07 million shares valued at N594.52, GTCO sold 25.21 million shares worth N968.61 million, and Fidelity Bank transacted 12.62 million shares valued at N112.98 million.