Stock market closes flat

Nigeria’s equities market failed to sustain the two-day negative movement as it closed flat on Wednesday.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) closed flat on Wednesday at 98,223.97 points, same as against 98,228.5 points the preceding trading day while the market capitalisation which was N55.554 trillion on Tuesday closed at N55.552 trillion on Wednesday, a slight dip by N2billion.

PZ dipped most, from N38 to N34.20, losing N3.80 or 10 percent while Okomu Oil Palm rallied most, from N232.50 to N255.70, up by N23.20 or 9.98 percent.

Ahead of Wednesday’s trading, analysts at Vetiva Research who noted that they saw a notable shift in market sentiment on Tuesday “as investors sought to take profit on recently recorded gains”, anticipated a mixed session on Wednesday, “with a negative tilt, barring any unforeseen circumstances that would alter the prevailing sentiment in the market”.

Shares of UBA, Access Holdings, Transcorp, GTCO and Fidelity Bank were actively traded on Wednesday as investors in 8,121 deals exchanged 319,076,561 shares worth N9.178 billion.