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NGX closes flat as investors await interim dividends

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

Mixed trading persisted on the Nigerian Exchange (NGX) Ltd on Tuesday with the indices closing relatively flat with a loss of 0.004 per cent on improved market turnover.

Specifically, the All-Share Index shed 1.60 points, representing 0.004 per cent, to close at 39,251.29 from 39,252.89 posted on Monday.

Accordingly, month-to-date return and year-to-date loss stood at 0.1 per cent and 2.5 per cent, respectively.

Market performance was driven by price depreciation in large and medium capitalised stocks, which are UACN, Guaranty Trust Bank Holding Company, Ecobank Transnational Incorporated, Transcorp Hotel and United Bank for Africa.

On market outlook, analysts at Afrinvest Ltd predicted that the mixed performance would be sustained in the next trading session in the absence of any positive catalyst.

Also, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said investors were anticipating half year results of banks that declare interim dividends.

Kurfi said that the stock market would likely close the week upbeat if the results of the anticipated banks were impressive.

Market breath closed negative with 15 gainers and 21 losers.

Cornerstone Insurance led the losers’ chart in percentage terms by 8.77 per cent to close at 52 kobo, per share.

Universal Insurance followed with a decline of 4.76 per cent to close at 20 kobo, while ETI shed 4.55 per cent to close at N5.25, per share.

NEM Insurance shed 4.50 per cent to close at N1.91, while UACN depreciated by 4.09 per cent to close at N10.55 per share.

On the other hand, United Capital led the gainers’ chart in percentage terms by eight per cent to close at N8.10 per share.

International Breweries followed with 7.53 per cent to close at N5, while Honeywell Flour Mills appreciated by 6.67 per cent to close at N4 per share.

Oando went up by 6.02 per cent to close at N4.40, while Africa Prudential appreciated by 5.79 per cent to close at N6.40 per share.

The total volume of trades increased by 68.73 per cent to 355.94 million shares worth N2.87 billion traded in 4,241 deals.

This was in contrast with 210.95 million shares valued at N1.38 billion exchanged in 3,989 deals on Monday.

Transactions in the shares of FBN Holdings topped the activity chart with 92.29 million shares valued at N687.73 million.

Access Bank followed with 75.69 million shares worth N711.91 million, while Universal Insurance traded 25.24 million shares valued at N5.05 million.

United Bank for Africa traded 18.39 million shares worth N138.64 million, while Zenith Bank transacted 14.30 million shares valued at N346.43 million.

Chinyere Joel-nwokeoma

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