Banking Index Surges as Access Holdings, GTCO Rally
The Nigerian Exchange (NGX) banking index advanced due to increased demand for Access Holdings and GTCO shares in the local bourse. Ticker: ACCESSCORP had the most traded units, with its 91.99 million units traded accounting for 23.30% of the total volume traded, stockbrokers said in their separate report.
Despite a negative sectoral performance, the banking index was an outlier, recording a 0.61% uptick on the day due to demand for the Tier-1 stocks. Access Holdings PLC rose by 1.45% to N24.55 in the equities market as more than 91 million shares of the financial services company were traded in the market.
The positive price movement lifted the banking group market value above N1.3 trillion on Wednesday. GTCO rose by 1.69% due to demand for an orange-branded financial services company with the largest market value in the banking sector.
The share price of GTCO climbed to a record high of N60 in the equities market today. The rally pushed its market valuation higher to N1.765 trillion. Further details revealed that NGX sectoral performances were majorly bearish, with the banking index been lone gainer. Leading the laggards was the insurance (-0.91%) sector, dragged by selloffs in CORNERST (-2.30%) and PRESTIGE (-7.69%).
The Consumer Goods (-0.26%), Industrial Goods (-0.18%), and Oil and Gas (-0.11%) indices also lapsed, weighed down by selloffs in DANGSUGAR (-2.73%), WAPCO (-1.34%), and ARADEL (-0.36%), respectively. ARADEL (-0.36%) also led to a decline in the newly listed Commodity index (-0.08%) #Banking Index Surges as Access Holdings, GTCO Rally 2025 Budget: Osun Govt Targets N109bn IGR
