Stock market closes flat

For the first times in weeks, Nigeria’s equities market closed flat on Thursday following investors wait-and-see mood in market.

Stocks like FBN Holdings, Fidelity Bank, Transcorp, Access Holdings and AIICO were actively traded on the Nigerian Exchange Limited (NGX) as investors in 8,364 deals exchanged 1,299,961,984 shares worth N25.326billion.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation which stood at 99,842.19 points and N56.478trillion the preceding trading day cloaed Thursday at 99,842.94 points and N56.479trillion.

This flat close came despite rally in stocks like Champion Breweries and Chams while Transcorp Hotels Plc, NEM Insurance and Fidelity Bank topped the laggards league.

“We anticipate a mixed trading session with potential buy-side pressure in key names that could steer the market to a green close. “Investors are expected to monitor movements in high-performing stocks as well,” said Lagos-based Vetiva Research analysts in their post trading note.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).