Nigeria stock market closed flat on Wednesday July 22 amid weak investors’ confidence seen driven by persistent global and macro-economic uncertainties.
The domestic bourse failed to take another hit from the Bears neither did it embrace the Bulls, a situation which stalled movement to any direction.
The market looked for new direction despite analysts anticipation a mixed trading session with continued sell offs in some counters and bargain hunting in others due to cheap valuations.
Gains in stocks like May & Baker, Eterna, Fidson Healthcare, NPF Microfinance Bank, and Neimeth were not strong enough to support positive close.
“I’m more concerned going into the August, September period: what’s going to then be the next catalyst to take the broader market higher,” Andrew Sheets, a cross-asset strategist at Morgan Stanley, said on Bloomberg TV. “It’s going to be a tougher period for stocks,” he added.
The Nigerian Stock Exchange (NSE) benchmark performance indicator – the All Share Index (ASI) closed flat at 24,173.53 points while the value of listed stocks stood at N12.610trillion, same as the preceding trading day.
In 3,252 deals investors exchanged 402,636,177 units valued at N4.55billion. UACN, Nigerian Breweries , Multiverse, Sterling Bank and FBN Holdings were actively traded stocks on Wednesday.