For the first time in weeks, Nigeria’s equities market closed flat on Thursday as investors adopted a cautious approach, taking a “wait-and-see” stance.
Despite active trading in major stocks such as FBN Holdings, Fidelity Bank, Transcorp, Access Holdings, and AIICO, the market showed no significant movement.
On Thursday, investors exchanged 1,299,961,984 shares worth N25.326 billion in 8,364 deals on the Exchange.
However, the trading activity did not translate into a market shift.
The NGX All-Share Index (ASI) and Market Capitalisation, which stood at 99,842.19 points and N56.478 trillion on the preceding trading day, closed Thursday at 99,842.94 points and N56.479 trillion, respectively.
This static closure occurred despite notable performances from stocks like Champion Breweries and Chams, which rallied.
Conversely, Transcorp Hotels Plc, NEM Insurance, and Fidelity Bank topped the list of laggards.
“We anticipate a mixed trading session with potential buy-side pressure in key names that could steer the market to a green close,” stated analysts from Lagos-based Vetiva Research in their post-trading note. “Investors are expected to monitor movements in high-performing stocks as well.”
Related developments highlighted the challenges facing investors. Rising diesel prices have surged by 66%, hitting the Northeast hardest.
The Naira remains weak at the official market despite rising external reserves, and prime office tenants face dilemmas with dollar-rents surging 200% in Naira value.
The flat close on Thursday underscores the cautious sentiment prevailing among investors in Nigeria’s equities market.
The market’s performance continues to reflect broader economic uncertainties and investor strategies focusing on stability and risk management.
