NGX inches Higher as Banking Stocks Rally

NGX inches Higher as Banking Stocks Rally

The Nigerian Exchange (NGX) maintains an uptrend as banking stocks rally as the market expects the monetary policy committee of the Central Bank’s decisions on key policy rates.

The stock market indicators were spurred by buying interests in a few banking names, lifting year-to-date returns to 2.67% as Nigeria’s headline inflation rate races ahead speedily.

Market performance indicators advanced by +0.48%. The market index or All-Share Index increased by 252.06 basis points to close at 52,621.19.

Market activities improved as the total volume traded increased by 11.2% to 350.97 million units, valued at N5.17 billion, and exchanged in 5,946 deals. Today, UBA was the most traded stock by volume at 62.45 million units, while ZENITHBANK was the most traded stock by value at N1.58 billion.

As measured by market breadth, market sentiment was positive (2.2x), as 33 tickers gained relative to 15 losers. FBNH gained 7.5%, STANBIC advanced by 5.3% and ZENITHBANK jumped up by 2.1%.

TRANSCORP (+9.9%) and TRIPPLEG (+9.8%) recorded the highest gains of the day, while CHELLARAM (-9.9%) and SUNUASSUR (-9.4%) topped the losers’ list.

Performance across sectors was mixed, as the Banking (+1.6%) and Consumer Goods (+0.4%) indices posted gains, while the Industrial Goods, Insurance, and Oil & Gas indices were unchanged.

Overall, equities market capitalisation rose ₦137.25 billion to close at ₦28,652.56 trillion from ₦28,515.31 trillion yesterday. #NGX inches Higher as Banking Stocks Rally Naira Steadies as Banks Issue Update on FX Purchase

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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.