FBNH GTCO Rally after Selloffs Roughen Banking Index
Market prices of FBN Holdings, GTCO Plc and two other tier-1 names minus Zenith Bank are trending higher on the Nigerian Exchange during intraday trading session on Wednesday.
The rebound has not been strong despite depressed market prices of some the Tier-1 lenders listed in the stock exchange.
Selloffs has continued to roughen banking index performance on the Nigerian Exchange, knocked down their combined market value. Tier-1 banks worth had slipped below N4.4 trillion and Tier-2 market was valued around N1.8 trillion at the weekend.
The local bourse has seen seesaw price movements on major tickers, and banking sector, which is one of the most liquid segment on the exchange has been targeted for profit taking.
Early trading session on Wednesday showed that investors are taking quick profit on Zenith Bank in particular, but negative trade could be easily upturn on the ticker.
At the time of filing this report, Zenith Bank Plc has lost 5 kobo, now trading at N35.15. GTCO is trading steadied at N43.6, after 10 kobo gain in the local bourse on Tuesday.
Access Holdings PLC on the cusp of rallying midweek, gained 5 kobo during the intraday trading session. The stock closed negative on the floor of the Nigerian Exchange on Tuesday.
FBN Holdings has started uptrend which some analysts predicted could last following significant shareholders latest decision to consolidate positions. At the midday trading, FBN Holdings has gained 7.96%, trading at N21.70.
UBA has gained N0.15 during the intraday trading session on Wednesday in the equities market. The pan-African lender’s market value had slumped to N21.70 on Tuesday, from where it picked up to N21.85, according to midday data on the local bourse.
The Nigerian Exchange Banking Index has been on decline since last week. Regional Forum’ll Boost Sustainable Dev’t in W/Africa – ECA
