Nigerian stocks recorded its third straight day of flattish trade on Tuesday, with the change in the main equity index hardly passing as a movement as it edged down by 0.07 per cent.
Trade was conducted as transaction volume shrank by nearly half compared to that of the session before.
Fidelity Bank, currently Nigeria’s sixth biggest lender by assets, announced it has inked a binding agreement with Union Bank to purchase the latter’s UK subsidiary 100 per cent, barely two months after the global rating agency upgraded the bank’s long-term issuer defaulting status to ‘B’ from ‘B-‘.
The announcement spurred trading in the shares of the acquiring company, leading to Fidelity Bank’s emergence as the second most active stock on Lagos’s Custom Street at the ring of the closing bell on Tuesday, with 10.2 million units traded in 147 transactions. The exchange is made up of 156 stocks.
The number of gainers and decliners drew level at 13 apiece, causing the market to record a neutral market breadth.
The all-share index rose 34.1 points to 49,642.7, while market capitalisation advanced to N26.8 trillion at the end of trade.
The index has been up by 16.2 per cent so far this year.
TOP FIVE GAINERS
ETranzact led advancers, appreciating by 9.65 per cent to N2.50. Sovereign Trust added up 7.69 per cent to end trade at N0.28. Vitafoam went up by 7.27 per cent to N23.60.
Japaul Gold advanced to N0.33, notching up 6.45 per cent in the process. Consolidated Hallmark completed the top 5, climbing by 4.84 per cent to close at N0.65.
TOP FIVE LOSERS
Courteville led laggards, declining by 7.69 per cent to N0.48. FCMB shed 4.06 per cent to close at N3.07. UPDC fell to N1.02, losing 3.77 per cent.
NAHCO dipped to N3.72, recording 5.70 per cent depreciation. Cadbury closed at N13, going down by 2.99 per cent.
TOP FIVE TRADES
A total of 125.9 million shares estimated at N3.1 billion were traded in 4,145 deals.
Mutual Benefits was the most active stock, with 25.3 million units of its stocks worth N8.2 million traded in 98 deals. Fidelity Bank traded 10.2 million shares priced at N31.1 million in 147 transactions.
Access Holdings saw 9 million units of its shares, valued at N73.7 million exchange hands in 171 deals. FBN Holdings traded 7.7 million shares estimated at N84.3 million in 143 transactions. MTN traded 7.3 million shares valued at N1.5 billion in 390 deals.
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