Nigerian Stock Market Expands by N849bn on Tier-1 Banks Rally
The Nigerian stock market expanded by more than N849 billion on Friday as investors’ attention shifted to tier-1 banks’ stocks, stockbrokers said.
The Nigerian Exchange (NGX) All-Share Index (ASI) closed the week on a positive note, with key market performance indicators appreciating by 0.54%.
The boost was primarily driven by investors’ sustained appetite for Banking stocks, with top performers including FIRSTHOLDCO, UBA, ZENITHBANK, ACCESSCORP, and GTCO.
The market index added 1,316.52 basis points in today’s trading session to close at 243,462,13. Also, the equities market capitalisation gained ₦849.28 billion, closing at ₦157.06 trillion.
Total volume and the total value of all trades executed in the local bourse increased by +37.60% and +22.40%, respectively. In a note, Atlass Portfolio Limited told investors that approximately 685.87 million units valued at ₦42,682.57 million were transacted across 44,134 deals.
FIRSTHOLDCO topped volume drivers, accounting for 32.97% of all companies’ units traded in the market, followed by GUINEAINS (7.79%), ZENITHBANK (6.06%), ACCESSCORP (4.25%), and UBA with 4.02%.
Also, FIRSTHOLDCO topped the value chart, accounting for 49.24% of the total value of all transactions, making it the most actively traded on the exchange.
Today, FIRSTHOLDCO topped the gainers chart, up by +9.97%, trailed by HMCALL (+9.94%), LIVINGTRUST (+9.73%), WAPIC (+7.44%), LASACO (+5.26%), THOMASWY (+5.10%), and twenty-seven others.
A total of eighteen stocks depreciated. With a price depreciation of -9.50%, REDSTAREX topped the worst performers’ chart, followed by OMATEK (-6.08%), CILEASING (-5.93%), JAIZBANK (-5.03%), LIVESTOCK (-3.89%), and ZICHIS (-2.95%).
Hence, market breadth closed on a positive note, with 33 gainers and 18 losers. Sectoral performance was positive today as three of the five major market sectors increased.
The Banking sector led with +3.13%, followed by the Insurance sector (+1.08%), and the Consumer goods sector (+0.21%). The Oil & Gas and Industrial goods sectors declined marginally by 0.003% and 0.002%, respectively. FirstHoldco Gains 26% on Strong Investor Sentiment Shift
