Nigerian Equity Market Sustains Bullish Sentiment Amidst Bargain-Hunting in 43 Stocks

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 equity market sustained the bullish sentiment to ten consecutive trading sessions as market indicators surged by 0.20 percent, driven by the bargain-hunting in 43 medium and highly capitalized stocks.

Consequently, the All-Share Index rose by 99.26 basis points representing a 0.20 percent growth, closed at 48,558.91.

While the Market Capitalization gained ₦53.51Bn, representing an increase of 0.20 percent to close at ₦26.18 trillion

→ Similarly, the market activities were mixed, as the Total Volume dipped by 4.02 percent while the Total Value spiked by 4.74 percent.

About 328.39 million units valued at ₦4.04 billion were transacted in 5,711 Deals.

Today, ZENITHBANK emerged as the most traded stock in terms of volume, accounting for 10.51 percent of the total volume of trades, followed closely by OANDO (9.38%), MANSARD (7.03%), TRANSCORP (6.30%), and FBNH (6.12%) to complete the top five on the volume chart.

Also, ZENITHBANK appeared as the most traded stock in value terms, with 22.59 percent of the total value of trades on the exchange.

→ UPDCREIT topped the advancers’ chart with price appreciation of 10.00 percent, followed closely by ETERNA (9.92%), OANDO (9.90%), NB (9.86%), UNILEVER (9.84%), TOTAL (6.45%), STANBIC (6.32%), WAPCO (5.28%), GTCO (1.65%), UBA (1.23%), ZENITHBANK (0.99%), FLOURMILL (0.16%), DANGCEM (0.14%) and thirty (30) others.

On the flip side, sixteen (16) stocks depreciated, topped by UNITYBNK with a price depreciation of 6.00 percent to close at ₦0.47, as JAPAULGOLD (-5.88%), BUACEMENT (-3.89%), AFRIPRUD (-3.33%), UCAP (-2.22%), PRESCO (-2.18%), ACCESSCORP (-1.00%) and HONYFLOUR (-0.26%) also dipped in price.

In that regard, the market breadth was largely positive, recording 43 gainers and 16 losers.

→ Subsequently, sectoral performance was positive, as four the five sectors closed bullishly compared to the previous session, led by Consumer Goods (2.45%), Oil & Gas (1.44%), Insurance (0.39%) and Banking (0.34%), respectively. While the Industrial Goods sector tanked by 1.10 percent, courtesy of 3.89% decline in BUACEMENT.