Stock market closes flat

Nigeria’s stock market performance indicators remained unchanged on Wednesday. The market closed flat despite most analysts expectation that it will see some respite on Wednesday for the banks as investors trade cautiously.

The equities market’s current mood signals a correction from record consistent rallies in the early trading this year. This week, the market has decreased by 2.22 percent, while this month it has risen by 0.94percent. The stock market’s year-to-date (YtD) return stood at 6.55 percent.

The Central Bank of Nigeria (CBN) on Wednesday held a Treasury Bills (T-Bills) Primary Market Auction (PMA). At the PMA, T-Bills totalling N1trillion (N200billion, N200billion and N600billion across the 91-day, 182-day, and 364-day instruments, respectively) were offered.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation stood slightly lower at 102,106.31 points and N55.871trillion respectively as against preceding day’s 102,108.05 points and N55.872trillion. In 9,665 deals, investors exchanged 341,923,578 shares valued at N6.405billion.

Cadbury led the laggards after its share price dropped from N24.20 to N21.90, losing N2.30 or 9.50percent while Meyer advanced most, from N5.20 to N5.72, losing 52kobo or 10percent.