The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

Trading at the nation’s bourse closed flat on Wednesday with the All-Share Index (ASI), which opened at 24,174.45, closing at 24,173.53.

Newsmen report that the ASI dropped by just 0.92 points or 0.004 per cent.

Similarly, the market capitalisation lost one billion naira to close at N12.610 trillion against N12.609 trillion recorded on Tuesday.

The marginal downturn witnessed in the market was due to losses in GlaxoSmithKline, Africa Prudential, Caverton, Sterling Bank and Consolidated Hallmark Insurance.

Analysts at APT Securities and Funds Limited urged investors to position in fundamentally justified stocks.

They noted that the market was set to rally in response to impressive half year earnings results.

Eterna dominated the gainers’ chart in percentage terms, gaining 8.89 per cent, to close at N1.96, per share.

May and Baker followed with 7.91 per cent to close at N3, while NPF Microfinance Bank grew by 7.58 per cent to close at N1.42, per share.

Neimeth International appreciated by 7.14 per cent, to close at N1.50, while Cutix improved by 3.90 per cent to close at N1.60, per share.

Conversely, GlaxoSmithKline recorded the highest loss to lead the laggards’ table in percentage terms, dropping 9.52 per cent, to close at N4.75, per share.

Consolidated Hallmark came second with 8.16 per cent to close at 45k, while Prestige Assurance declined by 6.12 per cent to close at 46k, per share.

Africa Prudential dipped 4.07 per cent to close at N4.01, while Sterling Bank shed 3.28 per cent to close at N1.18, per share.

However, the volume of shares transacted inched higher by 32.36 per cent as investors staked N4.55 billion on 402.64 million shares in 3,252 deals.

This was in contrast with 304.19 million shares worth N3.27 billion achieved in 3,500 deals on Tuesday.

Transactions in the shares of UAC of Nigeria topped the activity chart with 136.72 million shares valued at N786.72 million.

Nigerian Breweries followed with 52.62 million shares worth N1.63 billion, while Multiverse accounted for 50 million shares valued at N10 million.

Sterling Bank sold 29.20 million shares worth N35.73 million, while FBN Holdings transacted 18.42 million shares worth N91.19 million.

Get more stories like this on Twitter

AD: To get thousands of free final year project topics and other project materials sorted by subject to help with your research [click here]

More Stories