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Equities market closes flat despite blue-chip stocks’ gains

On Wednesday, the local bourse closed flat as the NSE All-Share Index stood at 24,173.53 points despite gains in Eterna (+8.9 per cent), May and…

On Wednesday, the local bourse closed flat as the NSE All-Share Index stood at 24,173.53 points despite gains in Eterna (+8.9 per cent), May and Baker (+7.9 per cent) and Neimeth (+7.1 per cent), thus market capitalisation remained at N12.6 trillion while year-to-date loss settled at -9.9 per cent.

Activity level was mixed as volume traded fell 12.5 per cent to 266.1m units while value traded rose 15.3 per cent to N3.8bn.

The most active stocks by volume were Nigerian Breweries (52.6m units), Multiverse (50.0m units) and Sterling (29.2m units), while Nigerian Breweries (N1.6bn), Dangote Cement (N1.3bn) and GTB (N204.9m) led by value.

Performance across sectors was mixed as two indices gained, two lost, while the AFR-ICT and industrial goods indices closed the trading session flat.

Investor sentiment as measured by market breadth fell to 1.0x from the 1.7x recorded in the previous session as nine stocks advanced against the nine that declined.

On corporate reports, Chemical and Allied Products Plc submitted its unaudited Q2:2020 result which showed that revenue fell 10.7 per cent y/y to N3.5bn from N3.9bn in Q2:2019, while profit after tax fell 30.0 per cent to N0.6m from N0.9m in Q2:2019.

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