Nigerian Bourse Extends Gain as Banks Shares Rally

Nigerian Bourse Extends Gain as Banks Shares Rally

The equity segment of the Nigerian Exchange (NGX) opens the week on a positive note as banking and others rally, according to trading data. The local bourse recorded a marginal gain of N9 billion following 1.6% share appreciation in ZENITH BANK while FBNH popped 1.9%, offset by sell-offs in STANBIC covered up by 9.2% gained by Jaiz Bank.

Specifically, the market capitalisation, which opened at N26.624 trillion, rose by N10 billion or 0.04 per cent to close at N26.634 trillion.

Also, the All-Share Index increased by 17.15 points or 0.04 per cent to close at 48,899.08 against 48,881.93 achieved on Friday. As a result, the year-to-date return stood at 14.47 per cent.

The gains were driven by price appreciation in Tier-One banks and large capitalised stocks amongst which are FBN of Nigeria Holdings, Zenith Bank, WAPCO and Stanbic Bank. Read: Equities market extends losing streaks as bear tightens grip

Consequently, market sentiment was negative with eight stocks recording gains and 10 losses, respectively. Learn Africa led the gainers’ table in percentage terms, gaining 9.7 per cent to close at N1.81 per share

Jaiz Bank trailed with 9.20 per cent to close at 95k, while SCOA Nigeria rose by 8.86 per cent to close at 86k per share. Sunu Assurances followed with a gain of 7.14 per cent to close at 30k, while Japaul Gold and Ventures grew by 3.7 per cent to close at 28k per share.

On the other hand, Royal Exchange Assurance led the losers’ chart in percentage terms, losing 9.88 per cent each, to close at 74k per share. Neimeth International Pharma shed 8.57 per cent to close at N1.28 per share. AXA Mansard Insurance dipped by 4.52 per cent to close at N1.90 per share.

Courville Business Solutions dropped by 2.17 per cent to close at 45k, and UPDC lost by 2.17 per cent to close at 90k per share. Analysis of the market activities showed that trade turnover closed higher with the value of transactions up by 120.07 per cent.

The total volume of shares exchanged was 236.59 million shares worth N2.52 billion exchanged in 3,334 deals. Analysing by sectors, the Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.

Conversely, the Banking (+0.5%) index closed higher, while the Insurance (-0.6%) index recorded losses. As measured by market breadth, market sentiment was negative (0.8x), as 10 tickers lost relative to 8 gainers. # Nigerian Bourse Extends Gain as Banks Shares Rally

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