31 Stocks Sustain Equity Market Upbeat as NGX-ASI Edge Towards 53,000 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)

On Thursday, trading activities in the Nigeria equity market remained upbeat as the market indicators inched higher by 0.15 percent following the investors persistent bargain-hunting all the major sectors, save for the financial sectors.

As a result, the All-Share Index rose by 79.31 basis points representing a 0.15 percent growth, to closed at 52,917.76. While the Market Capitalization gained ₦42.75Bn to increase by 0.15 percent and closed at ₦28.53 trillion.

→ Meanwhile, the market activities were mixed, as the Total Volume grew by 2.07 percent, while the Total Value trade dipped by 22.28 percent. About 426.02 million units valued at ₦5.70 billion were transacted in 7,639 Deals.

TRANSCORP emerged as the most traded stock in terms of volume, accounting for 22.19 percent of the total volume of trades, followed closely by ZENITHBANK (5.75%), WAPCO (4.52%), ABBEYBDS (4.32%), and ACCESSSCORP (4.00%) to complete the top five on the volume chart.

While WAPCO appeared as the most traded stock in value terms, with 10.57 percent of the total value of trades on the exchange.

→ FIDSON topped the advancers’ list with a price appreciation of 9.95 percent each, trailed closely by WAPCO (9.86%), PRESCO (8.11%), HONYFLOUR (5.28%), FLOURMILL (4.83%), UACN (2.84%), DANGSUGAR (0.59%), ACCESSCORP (0.52%), NGXGROUP (0.21%), VITAFOAM (0.20%) and twenty-one (21) others.

Conversely, twenty-three (23) stocks depreciated, topped by ACADEMY with a price depreciation of 9.73 percent to close at ₦1.67 as CADBURY (-3.53%), ETI (-3.10%), BUAFOODS (-3.00%), AFROPRUD (-2.52%), GTCO (-1.46%), ZENITHBANK (-1.23%), UCAP (-0.75%), MTNN (-0.19%) and OANDO (-0.16%) also dipped in price. In that regard, the market breadth was positive, recording 31 gainers and 23 losers.

→ Consequently, sectoral performance was positive, as three the five sectors closed bullishly compared to the previous session, led by the Consumer Goods (1.37%), Oil & Gas (0.46%) and Industrial Goods (0.71%). While Insurance (-2.36%) and Banking (-0.86%) sectors dipped, respectively.