Oil & Gas and Banking Sectors Extend Equity Market Bullish Trend as Investors’ Wealth Surge by ₦98Bn

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)

→ Trading activities on the Nigeria Local Bourse sustained the bullish trend as the investors positive sentiment pushed the market index to over 53,000 point.

The growth also expanded the market capitalization by ₦98Bn due to the bargain-hunting on the Oil & Gas and Banking sectors.

As a result, the All-Share Index rose by 182.45 basis points representing a 0.34 percent growth, to closed at 53,100.21.

While the Market Capitalization gained ₦98.36Bn to increase by 0.34 percent and closed at ₦28.63 trillion.

→ Meanwhile, the market activities were bearish, as the Total Volume and Value trade dipped by 28.76 percent and 37.25 percent, respectively. Approximately 303.48 million units valued at ₦3.57 billion were transacted in 7,019 Deals.

TRANSCORP emerged as the most traded stock in terms of volume, accounting for 12.52 percent of the total volume of trades, followed closely by JAIZBANK (10.67%), WAPCO (4.94%), GTCO (4.61%), and OANDO (4.29%) to complete the top five on the volume chart.

While WAPCO appeared as the most traded stock in value terms, with 13.30 percent of the total value of trades on the exchange.

→ NNFM topped the advancers’ list with a price appreciation of 9.94 percent each, trailed closely by FLOURMILL (9.22%), SEPLAT (8.33%), BUAFOODS (5.27%), ZENITHBANK (2.08%), AFRIPRUD (1.72%), UCAP (1.50%), GTCO (1.27%), DANGSUGAR (1.17%), UNILEVER (0.71%), ACCESSCORP (0.52%) and seventeen (17) others.

Conversely, twenty-eight (28) stocks depreciated, topped by CHAMPION with a price depreciation of 9.90 percent to close at ₦4.37 as INTBREW (-9.74%), STANBIC (-5.71%), GLAXOSMITH (-5.39%), JAPAULGOLD (-3.23%), FBNH (-2.05%), PZ (-1.69%), OANDO (-1.31%), WAPCO (-1.10%), HONYFLOUR (-1.06%) and NGXGROUP (-0.21%) also dipped in price.

In that regard, the market breadth closed at par, recording 28 gainers and 28 losers.

→ Consequently, sectoral performance was negative, as three the five sectors closed bearishly compared to the previous session, led by the Insurance (-1.31%), Consumer Goods (-0.46%) and Industrial Goods (-0.07%).

While Oil & Gas and Banking sectors surged by 4.84% and 1.22%, respectively.