Stock market closes flat

The Nigerian stock market closed flat on Wednesday, despite sell-side pressure seen in early trading this week.

The market closed flat following investors’ decisions to sell banking, insurance and oil & gas stocks despite increased buy activities in industrial and consumer goods stocks.

Fidelity Bank, Zenith Bank, UBA, GTCO, and Veritas Kapital were actively traded stocks as investors in 8,160 deals exchanged 935,148,864 shares worth N11.839billion.

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At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation which stood the preceding day at 99,805.95 points and N56.458trillion respectively closed at 99,802.06 points and N56.456trillion.

The stock market’s year-to-date (YtD) return stood at 33.47 percent. The market has decreased this month by 0.26 percent, while this week, it has decreased by 0.22 percent.

Share price of CWG decreased most from N7.30 to N6.90, losing 40kobo or 5.48percent, while Eterna rose most from N16.70 to N18.35, up by N1.65 or 9.88percent, followed by Vitafoam which increased from N18 to N19.70, after adding N1.70 or 9.44percent.