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NSE market indices sustain growth amid investors interest in heavyweight

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The Nigerian Stock Exchange opened the last trading week for 2019 on Monday with a growth of 0.73 per cent following investors’ interest in heavyweight stocks.

Specifically, the All-Share Index extended positive growth with 192.86 points or 0.73 per cent to close at 26,609.34 against 26,416.48 on Friday.

Also, the market capitalisation which opened at N12.752 trillion rose by N94 billion to close at N12.846 trillion.

Consequently, Month-to-Date and Year-to-Date losses declined to -1.45 per cent and -15.34 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Nestlé, Nigerian Breweries, Dangote Cement and UPDC Real Estate Investment Trust (UPDCREIT).

This week, analysts at United Capital expected end of the year portfolio re-balancing to drive prices northwards in last two trading days of 2019.

They noted that the growth might however be erased on Thursday and Friday as the market opens for the new year.

However, analysts at Afrinvest Ltd., stated that “Despite the positive performance recorded in today’s trading session, we believe bearish sentiment will resurface as investors’ appetite towards the local bourse remains weak.”

Market breadth closed positive as 24 stocks recorded gains while 12 stocks posted loses.

Eterna, NEM Insurance and Union Diagnostic & Clinical Services recorded the highest price gain in percentage terms, appreciating by 10 per cent each, to close at N3.30, N2.42 and 22k per share, respectively.

UACN Property Development Company followed with a gain 9.78 per cent to close at N1.01, while Wema Bank rose by 9.38 per cent to close at 70k per share.

Conversely, C&I Leasing led the losers’ chart in percentage terms, dropping by 10 per cent to close at N5.40 per share.

Learn Africa followed with a decline of 9.60 per cent to close at N1.13, while Union Bank of Nigeria went down by 9.56 to close at N6.15 per share.

Unity Bank dipped 8.33 per cent to close at 66k, while Trans-Nationwide Express shed eight per cent to close at 92k per share.

Also, the total volume of shares traded rose by 72.04 per cent with a turnover of 382.81 million shares worth N7.19 billion traded in 3,212 deals.

This was in contrast with a total of 222.51 million shares valued at N3.04 billion transacted in 2,540 deals on Friday.

Transactions in the shares of Transcorp topped the activity chart with an exchange of 138.90 million shares worth N137.29 million.

Guaranty Trust Bank followed with 48.36 million shares valued at N1.40 billion, while Access Bank accounted for 45.02 million shares worth N437.58 million.

United Bank for Africa sold 39.35 million shares valued at N280.53 million, while Zenith Bank transacted 34.68 million shares worth N640.80 million.

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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