Equities traded on a tie on Tuesday with investors matching up advancers with decliners in a dead heat that saw the market almost closing flat.
The momentum of transactions improved considerably but the bargain between investors remained tight, holding the advancers-to-decliners ratio on a balance.
With 19 advancers to 19 decliners, key market indices were almost flattened. Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) closed marginally down at N8.742 trillion as against N8.745 trillion recorded as opening value.
The All Share Index (ASI)-the common value-based index that tracks prices of equities, also slipped by 0.03 per cent from 25,273.03 points to close at 25,266.15 points.
Sectoral indices also showed mixed performance. The NSE Banking Index declined by 0.6 per cent. The NSE Insurance Index dropped by 0.3 per cent while the NSE Oil & Gas Index slipped by 0.1 per cent. On the other hand, the NSE Industrial Goods Index appreciated by 0.6 per cent while the NSE Consumer Goods Index inched up by 0.1 per cent. The average year-to-date return stood at -5.99 per cent.
Total turnover rose to 180.22 million shares valued at N1.62 billion in 2,917 deals. GlaxoSmithKline Consumer Nigeria led the activity chart with 24.28 million shares valued at N351.42 million. Flour Mills of Nigeria followed with 21.56 million shares valued at N388.15 million while Access Bank placed third with 17.17 million shares worth N107.49 million.
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CAP led the gainers with a gain of N3.03 to close at N32.64. Okomu Oil Palm followed with a gain of N2.50 to close at N52.51. Beta Glass rose by N2.12 to close at N46.40. Nascon Allied Industries added 80 kobo to close at N8.62. UAC of Nigeria rose by 79 kobo to close at N15.12 while Cadbury Nigeria added 70 kobo to close at N9.45 per share.
On the negative side, Forte Oil led the losers with a loss of N2.80 to close at N45. Seplat Petroleum Development Company declined by N1 to close at N395. Ecobank Transnational Incorporated dropped by 26 kobo to N8.44. Nigerian Breweries lost 15 kobo to close at N125. Dangote Sugar Refinery dropped by 16 kobo to close at N7 while Guaranty Trust Bank declined by 14 kobo to close at N24.17 per share.
“Although today’s market performance was largely attributable to sell pressure on banking stocks, a side-ways trading pattern seems to be emerging as the earnings season draws to a close. We expect the pattern to be sustained in the shorter term before investors start to position ahead of the first quarter 2017 earnings declaration period,” Afrinvest Securities, a Lagos-based dealer at the Exchange, stated.
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