Banking Index Jumps as Investors Rotate Fund to ETI, FCMB
The Nigerian Exchange (NGX) banking index spiked on Wednesday as investors rotated funds into Ecobank Transnational Incorporated (ETI), FCMB Group, GTCO, among others.
The Nigerian equity market closed on a strong positive note, with the All-Share Index (ASI) advancing by 377bps, bringing year-to-date gains to 52.43%. Market breadth remained positive with 48 gainers against 42 losers, reflecting sustained buying interest across key counters.
Top risers include ZICHIS, CAP, UACN, and AIRTELAFRI, all posting +10% gains, while CADBURY and JOHNHOLT topped the losers’ chart with -10% declines.
Trading activity was largely driven by ACCESSCORP, which dominated both volume and value charts with 281.31 million shares and N7.29 billion, respectively.
Sectoral performance was broadly bullish as the Banking Index rose by 192bps, supported by gains in ETI (+9.86%), FCMB (+5.8%), GTCO (+4.74%), FIDELITYBK (+3.09%), WEMABANK (+2.86%), ZENITHBANK (+2.24%), and ACCESSCORP (+0.19%), while UBA (-1.23%) declined.
The Consumer Goods Index gained 101bps on the back of strong performances in PZ (+9.96%), NASCON (+9.63%), INTBREW (+4.92%), NB (+3.52%), and VITAFOAM (+2.77%).
These performers offset losses in CHAMPION (-0.71%), HONYFLOUR (-2.62%), DANGSUGAR (-3.33%), and CADBURY (-10%). The Oil and Gas Index climbed 454bps, driven by OANDO (+9.07%) and ARADEL (+8.09%), while ETERNA (-1.31%) recorded losses.
The Industrial Index surged 614bps, buoyed by CAP (+10%), BERGER (+9.34%), BETAGLAS (+9.33%), BUACEMENT (+8.57%), WAPCO (+7.55%), and DANGCEM (+3.31%), with CUTIX (-2.87%) declining.
Despite a slight 1.94% drop in traded value to $49.91 million, market activity remained robust, with increased momentum observed as the season progressed, AIICO Capital Limited said in its market update. NSE Index Dips on KCB Group, Coop, Absa Bank Selloffs
