Stock market defies unrest, closes flat

Despite continued #EndSARS protest in major cities of the country, the Nigerian Stock Exchange (NSE) closed flat yesterday as investors repositioned for the third quarter result release.

At the close of transactions yesterday, the ASI closed at 28,659.45 as against Friday’s 28,658.31 while market capitalisation remained unchanged at N14,979 trillion.

The Chief Research Officer of Investdata Consulting, Ambrose Omordion, said: “The nation’s stock market halted the bullish transition on profit booking on Monday as #EndSARS protests entered day 12, shutting down economic activities in major cities

“The government’s lackadaisical attitude and distrust among the populace have kept the youth on the roads and streets as many state governments are presently considering the closure of schools over the continued protest.”

Analysts at Afrinvest Limited said: “We are not optimistic about bullish performance in subsequent trading sessions due to weak investor sentiment.

“However, investors may position in sound stocks ahead of Q3 earnings releases.”

Market breadth was positive, with 19 gainers versus 18 losers. International Breweries recorded the highest price appreciation of 9.94 percent to close at N5.86, per share.

Ikeja Hotel followed with a gain of 9.90 percent to close at N1.11 while Cutix rose by 9.88 percent to close at N1.78 per share. Conoil went up by 9.72 percent to close at N15.80 while Aiico Insurance appreciated by 5.95 percent to close at 89 kobo per share.

On the other hand, Eterna led the losers’ chart by 8.98 percent to close at N4.46 per share. May and Baker Nigeria followed with a decline of 7.69 percent to close at N3.00 while Academy Press lost 6.90 percent to close at 27 kobo per share.

Cadbury Nigeria depreciated by 3.11 percent to close at N7.80 while UAC of Nigeria (UACN) declined by 2.90 percent to close at N6.70 per share.

Total volume traded depreciated by 41.26 percent to 287.3 million shares worth N3.399 billion exchanged in 5,132 deals. Transactions in the shares of Zenith Bank topped the activity chart with 43.004 million shares valued at N905.351 million. United Bank for Africa followed with 41.761 million shares worth N299.126 million while FBN Holdings traded 32.76 million shares valued at N206.339 million.

Guaranty Trust Bank traded 26.886 million shares valued at N822.304 million while Access Bank sold 17.908 million shares worth N142.501 million.