Tier-1 Banks Stocks Drive Momentum in Nigerian Exchange
The Nigerian stock market cap and all-share index were boosted by investors’ buying interest in top banking names, according to trading data from the local exchange.
The domestic bourse closed the week on a positive note, as key market performance indicators appreciated by 0.15%.
The uptick, largely led by the Banking sector, was driven by continued bargain hunting in selected mid-cap and blue-chip stocks across key market sectors.
Notable performers of the session included FIRSTHOLDCO, UBA, ZENITHBANK, ACCESSCORP, among others. The market index added 364.26 basis points in today’s trading session, reflecting a 0.15% increase to close at 245,573.60.
Also, the market capitalisation of listed stocks increased by ₦235.12 billion, representing a growth of 0.15%, settling at ₦158.51 trillion. Total volume and the total value of all trades increased by 185.56% and 30.27%, respectively.
Stockbrokers reported that approximately 1,518.50 million units valued at ₦26,652.84 million were transacted across 42,580 deals. FTGINSURE drove volume, accounting for 54.33% of all units transacted in the market, followed by FCMB (14.36%), ACCESSCORP (11.61%), CHAMS (2.14%), and FIRSTHOLDCO (1.65%).
ACCESSCORP topped the value chart, accounting for 17.56% of the total value of all trades executed in the stock market, thereby making it the highest traded on the exchange.
UPDC led the gainers chart, up by +9.23%, then trailed by CWG (+6.56%), MANSARD (+4.80%), NEIMETH (+4.24%), CUTIX (+4.00%), FIRSTHOLDCO (+3.86%), and sixteen others.
A total of twenty-four stocks depreciated. With a price depreciation of -10.00%, REDSTAREX topped the worst performers’ chart, followed by CAP (-9.98%), JOHNHOLT (-9.82%), ABCTRANS (-9.57%), LEGENDINT (-8.70%), and TRANSEXPR (-8.51%).
Hence, market breadth closed on a negative note, with 22 gainers and 24 losers. Sectoral performance was negative today as three of the five major market sectors declined.
The Industrial goods sector led the decline by -0.37%, followed by the Insurance sector (-0.21%), and the Oil & Gas sector (-0.04%). The Banking sector increased by 1.53% while the Consumer goods sector remained unchanged. Nigeria Must Lead Global Energy Security – Seplat CEO
