GTCO, Zenith Bank Drive N1.52trn Gain in Nigerian Exchange
Buying interest in top banking names, GTCO, Zenith Bank and FirstHoldco, drove higher key performance indicators on the Nigerian Exchange (NGX) on Monday.
The Nigerian equities market rebounded at the start of the week on Monday, with the NGX All-Share Index advancing 0.97% to settle at 238,219.19 points.
Bargain hunting pushed the year-to-date return to +53.08%, adding ₦1.52 trillion to market capitalisation, which rose 1% to close at ₦152.85 trillion.
Market activity increased, with total volume increasing to 489.05 million units and total trade value increasing to N36.71 billion.
The number of deals increased to 63,747, compared to the previous session’s 440.30 million units traded, valued at N24.67 billion across 50,190 deals. FIDELITYBK led the volume chart with 48.75 MILLION units, while MTNN topped the value chart with N16.64 billion worth of trades.
The gainers list was led by FIRSTHOLDCO (10.00%), GTCO (10.00%), INTENEGINS (9.88%), Zenith Bank (7.09%), while the losers were led by ZICHIS (-10.00%), CONHALLPLC (-9.94%), and ETERNA (-9.90%).
Sectoral performance was varied, as Banking (+4.64%) and Industrial (+0.04%) finished in positive territory, while Insurance (-1.43%), Consumer Goods (- 0.40%), and Oil & Gas (-0.06%) weighed on the index, and the Commodity sector ended flat.
The market is expected to sustain its bullish momentum as investor sentiment turns increasingly positive, particularly in the banking sector, and portfolio rebalancing gathers pace. Nigeria’s Top Big Banks Value Shrinks 14% to N14trn or $10.3bn
