Stock market closes flat as ASI settles at 49,416.18 points

The equity market closed flat on Tuesday as the All-Share Index (ASI) rose by 1.22 basis points or 0.002 per cent to close at 49,416.18 from 49,414.96 it opened for trading.

Accordingly, investors gained N1 billion in value as market capitalisation closed at N26.915 trillion from N26.914 trillion on Monday.

The increase was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Vitafoam Nigeria, Ardova Plc, Zenith Bank, UPDC Real Estate Investment Trust (UPDCREIT) and Dangote Sugar Refinery.

On market outlook, GTI Securities Ltd. said, “We expect sustained positive sentiments given the renewed attractiveness of the financial sector.”

Also, market breadth closed negative as 11 stocks posted gains while 16 declined.

UPDC Real Estate Investment Trust recorded the highest price gain of 8.62 per cent to close at N3.15 per share.

Royal Exchange followed with a gain 5.95 per cent to close at 89 kobo, while Ardova Plc went up by 4.19 per cent to close at N17.40 per share.

Vitafoam Nigeria went up by 3.57 per cent to close at N21.75, while Custodian Investment appreciated by 2.75 per cent to close at N5.60 per share.

On the other hand, Neimeth Pharmaceutical led the losers’ chart by 9.66 per cent to close at N1.31 per share.

SCOA Nigeria followed with a decline of 9.41 per cent to close at 77 kobo, while UACN Property Development Company (UPDC) went down by 7.07 to close at 92 kobo per share.

R.T. Briscoe Nigeria lost 6.90 per cent to close at 27 kobo, while Chams shed 4.55 per cent to close at 21 kobo per share.

The total volume traded increased by 30.4 per cent to 100.094 million shares, worth N1.296 billion, and traded in 3,186 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 16.438 million shares valued at N354.749 million.

Consolidated Hallmark Insurance followed with 9.260 million shares worth N5.447 million, while United Bank for Africa (UBA) traded 7.119 million shares valued at N52.463 million.

FTN Cocoa processors traded 7.096 million shares valued at N2.014 million, while Access Holdings transacted 5.266 million shares worth N45.159 million.