BERGER, ETERNA, 27 Others Sustain Equity Market Uptrend, Lift NGX-ASI by 0.18%

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Stockbrokers work at the Nigerian Stock Exchange in Lagos on May 16, 2019. - Africa's largest mobile phone operator, MTN, listed shares on the Nigerian Stock Exchange (NSE) in a $6 billion flotation reflecting its increasing presence in the Nigerian market, its largest. (Photo by PIUS UTOMI EKPEI / AFP) (Photo credit should read PIUS UTOMI EKPEI/AFP via Getty Images)

→ Investors in the Nigeria Local bourse sustained the bullish sentiment to eight consecutive trading sessions as the market performance indicators rallied by 0.18 percent following the persistent bargain-hunting in ETERNA, BERGER and 27 other listed stocks.

Consequently, the All-Share Index rose by 85.18 basis points representing a 0.18 percent growth, closed at 48,223.86. While the Market Capitalization gained ₦45.91Bn, representing an uptrend of 0.18 percent to close at ₦26.00 trillion.

→ However, the market activities remain bearish, as the Total Volume and Value plunged further by 30.00 percent and 14.81 percent, respectively. Approximately 244.69 million units valued at ₦3.15 billion were transacted in 4,859 Deals.

Today, CUSTODIAN emerged as the most traded stock in terms of volume, accounting for 15.82 percent of the total volume of trades, followed closely by OANDO (7.96%), FIDELITYBK (7.07%), NB (6.24%), and TRANSCORP (5.68%) to complete the top five on the volume chart. While NB appeared as the most traded stock in value terms, with 23.26 percent of the total value of trades on the exchange

→ ETERNA & BERGER topped the advancers’ chart with maximum price appreciation of 10.00 percent each, followed by PZ (7.45%), ARDOVA (3.46%), AFRIPRUD (2.52%), GTCO (1.69%), HONYFLOUR (1.58%), CUSTODIAN (1.54%), ZENITHBANK (1.25%), WAPCO (0.87%), NB (0.31%) and eighteen (18) others. On the flip side, nine (9) stocks depreciated, topped by SCOA with a price decline of 9.77 percent to close at ₦1.94, as NEIMETH (-3.55%), ETI (-0.42%) and DANGSUGAR (-0.31%) also dipped in price. In that regard, the market breadth was largely positive, recording 29 gainers and 9 losers.

→ Subsequently, sectoral performance was positive, as all the five major sectors closed bullishly compared to the previous session, led by Oil & Gas (1.61%), Banking (0.51%), Insurance (0.44%), Consumer Goods (0.19%) and Industrial Goods (0.06%), respectively.