Stock Market Kick Starts New Month on High Note as NGX-ASI Crosses 50,000 points

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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)

The Nigeria stock market opened the month of May on high note, extending the bullish trend to fifteen consecutive trading sessions as the NGX-ASI crossed the 50,000 points, highest in 14 years.

As a result, the All-Share Index rose by 487.47 basis points representing a 0.98 percent growth, closed at 50,126.41.

While the Market Capitalization gained ₦262.89Bn, representing an uptrend of 0.98 percent to close at ₦27.02 trillion.

→ However, the market activities were bearish, as the Total Volume and Value dipped significantly by 89.55 percent and 80.19 percent, respectively. About 669.30 million units valued at ₦5.99billion were transacted in 7,251 Deals.

UBN emerged as the most traded stock in terms of volume, accounting for 39.39 percent of the total volume of trades, followed closely by TRANSCORP (11.06%), AIICO (4.64%), CHAMS (4.32%), and ACCESSCORP (3.56%) to complete the top five on the volume chart.

Also, UBN appeared as the most traded stock in value terms, with 27.73 percent of the total value of trades on the exchange.

→ On the profitability chart, WEMBANK and OKOMUOIL topped the advancers’ list with price appreciation of 10.00 percent each, followed closely by NB (9.98%), PRESCO (9.97%), INTBREW (9.80%), BUACEMENT (8.16%), GUINNESS (7.53%), VITAFOAM (3.09%), UNILEVER (2.94%), STANBIC (2.68%), GLAXOSMITH (0.85%), STERLNBANK (0.65%) and nineteen (19) others.

Conversely, twenty-seven (27) stocks depreciated, topped by OANDO with a price depreciation of 10.00 percent to close at ₦5.67, as LIVESTOCK (-5.17%), FIDELITYBK (-2.63%), UBA (-2.42%), WAPCO (-1.67%), ZENITHBANK (-1.43%), ACCESSCORP (-1.03%), FBNH (-0.83%), NGXGROUP (-0.83%), HONYFLOUR (-0.54%) and GTCO (-0.21%) also dipped in price.

In that regard, the market breadth was positive, recording 31 gainers and 27 losers.

→ Meanwhile, sectoral performance was negative, as three of the five sectors closed bearishly compared to the previous session, led by the Insurance (-3.77%), Oil & Gas (-1.37%) and Banking (-0.98%).

While the Consumer and Industrial Good sectors rose by 3.30% and 2.97%, respectively.