NGX: Key indicators rebound by 1.05%

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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)

By Olawunmi Ashafa

Lagos, May 19, (NAN) The Nigerian Exchange Ltd., (NGX) on Thursday recorded a positive trend with key market indices appreciating by 1.05 per cent amid renewed bargain hunting.

Specifically, the market capitalisation which opened at N28.423 trillion improved by N298 billion or 1.05 per cent to close at N28.721 trillion.

Similarly, the NGX All-Share Index rose by 554.15 points or 1.05 per cent to close at 53,275.49 compared with 52,721.34 achieved on Wednesday.

However, an analysis of the price movement chart showed that 21 stocks advanced while 29 declined.

Transcorp Hotels led the gainers’ table, growing by 9.89 per cent to close at N5.89 per share.

Beta Glass followed with 9.74 per cent to close at N62.55, while McNichols Consolidated Plc gained 9.60 per cent to close at N1.94 per share.

Veritas Kapital also gained by 9.52 per cent to close at 23k, while Multiverse Mining and Exploration rose by 9.09 per cent to close at 24k per share.

Conversely, Conoil Plc topped the losers’ chart, dropping by 10 per cent to close at N28.35 per share.

Eterna Oil trailed with a loss of 9.59 per cent to close at 60k, while Prestige Insurance was down by 9.09 per cent to close at 40k per share.

Cham Plc dipped by 8.33 per cent to close at 20k, while Royal Exchange Assurance lost by 7.35 per cent to close at N1.26 per share.

Further analysis of the activity chart indicated that Transcorp was the most active stock, exchanging 48.38 million shares valued N61.43 million.

MTN Nigeria sold 20.60 million shares worth N5.5 billion, Conoil Plc traded 14.34 million shares cost N409.1 million.

Guaranty Trust Holding Company(GTCo) traded 13.73 million shares valued at N328.1 million, while First Bank of Nigeria Holdings (FBNH) accounted for 13.54 million shares worth N162.46 million.

In all, investors exchanged 274.56 million shares valued N8.45 billion in 5,184 deals, indicating a decrease of 55.14 per cent.

This was against a turnover of 611.97 million shares valued at N7.43 billion traded in 5,948 deals on Wednesday