NGX Gains N180bn as Banking Stocks Rally

NGX Gains N180bn as Banking Stocks Rally

Consolidating on the upbeat and positive sentiment, the equity market on the Nigerian Exchange (NGX) gained further on Thursday as it recorded N180 billion in gains, following investors’ interest in Tier-one banking stocks.

The market capitalisation gained N180 billion or 0.61 per cent to close at N29.768 trillion, compared to N29.588 trillion posted on Wednesday. Also, the benchmark All-Share Index increased by 330.85 points or 0.61 per cent to close at 54,646.38 from N54,315.53 recorded at the previous trading.

The upturn was impacted by gains recorded in medium and large capitalised stocks which included BUA Foods and WAPCO as well as Tier-1 banking, amongst which were, Zenith Bank, Guaranty Trust Holding Company (GTCo) and FBN Holdings.

Consequently, the year-to-date return rose to 6.62 per cent. Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 52.92 per cent.

A total of 142.04 million shares valued at N1.85 billion were exchanged in 2,651 deals. Market breadth closed positive at 21 stocks as against six that declined. A breakdown of price movement showed that MRS topped the gainers’ table with a gain of 9.88 per cent to close at N27.80 per share.

McNichols trailed with a gain of 9.09 per cent to close at 60k, while BUA Foods rose by 8.87 per cent to close at N81 per share. Cornerstone Insurance was up by 8.83 per cent to close at 65k, while Transcorp Hotel gained 7,44 per cent to close at N6.50, per share.

Conversely, The Initiates led the losers’ table, dropping by 9.09 per cent to close at 40k per share. Neimeth International Pharmaceuticals Plc followed with a loss of 6.45 per cent to close at N1.45, while consolidated Hallmark Insurance declined by 6.15 per cent to close at 61k per share.

Veritas Kapital Assurance decreased by 4.75 per cent to close at 20k, while AIICO fell by 1.67 per cent to close at 59k per share. Market data showed that MRS gained 9.88%, BUAFOODS popped higher by 8.87%, LIVINGTRUST jumped up 5.26%, GEREGU surged by 3.49%, and NB gained 2.44%.

On sector performance, NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas, and the NGX Industrial indices rose by 0.39%, 0.40%, 3.79%, 0.39%, and 0.06%, respectively.  In the broader market, the NGX Premium and the NGX-30 index increased by 12 basis points and 55 basis points, respectively. # NGX Gains N180bn as Banking Stocks Rally

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ogochi Ndubuisi is creative content manager with interest in marketing and advertisement. Ogochi supports MarketForces Africa's clients corporate communication units with content development and liaise with media unit for disseminable product information.