Local stock market closes flat amid robust activity

Shares traded at the Nigerian Exchange Limited (NGX) were flat on Wednesday, despite an increase in the volume of shares traded.

Bearish sentiment from index heavyweights MTN Nigeria, Guaranty Trust Holding Company and Ecobank Transnational Incorporated equalized investor demand for FBN Holdings, Dangote Sugar and Zenith Bank, keeping the market largely immobile.

Thus, the All-Share Index traded at 51,802.48 basis points with monthly loss and cumulative return unchanged at -2.2% and +21.3%, respectively.

The market capitalization of the local exchange lost a measly 810.63 million naira to close at 27.93 trillion naira.

As measured by market breadth, market sentiment was positive as 16 tickers gained versus 14 losers.

On the performance chart, Ikeja Hotel and Royal Exchange topped the list of gainers after appreciating in value by 10.0% and 7.3% respectively, while University Press and Chams recorded the highest losses of the day after the value of their respective shares depreciated by 9.6% percent and 8.0 percent.

On a sector basis, the Insurance, Consumer Goods and Oil & Gas indices posted gains of 0.5%, 0.1% and 0.1% respectively, while the Banking index fell 0.1%. . The industrial goods index closed flat.

Total trading volume increased by 32.4% to 416.47 million units, valued at N3.46 billion, and traded in 4,466 transactions.

Mutual Benefit was the most traded stock by volume with 212.51 million units, while Guaranty Trust Holding Company was the most traded by value with 867.54 million naira.

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Local stock market closes flat amid robust activity

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Local stock market closes flat amid robust activity

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