Increased Demand for Banking Stocks Lifts Index by 0.48%

Forex Market
  • Increased Demand for Banking Stocks Lifts Index by 0.48%

The stock market continued on a positive trend yesterday as bargaining hunting activities in the banking stocks assisted to sustain the bull run. Specifically, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.48 per cent to close at 32,614.60, while market capitalisation added N53.6 billion to close at N11.2 trillion.

Investors swooped on banking stocks, taking position ahead of half year corporate results announcement. Out of the 26 price gainers, 12 were banking stocks. United Bank for Africa Plc, Access Bank Plc, Unity Bank Plc appreciated by 4.9 per cent apiece, while Ecobank Transnational Incorporated garnered 3.8 per cent.

Zenith Bank Plc chalked up 3.4 per cent, just as Diamond Bank Plc and FCMB Holdings Plc went up by2.4 per cent each. Fidelity Bank Plc and FBN Holdings Plc gained 2.3 per cent apiece, while Wema Bank Plc, Jaiz Bank Plc and Guaranty Trust Bank Plc appreciated by 1.8 per cent, 1.5 per cent and 0.06 per cent in that order.

However, Flour Mills of Nigeria Plc recorded the highest price gainer for the day, rising by 9.7 per cent. Redstar Express Plc and C & I Leasing Plc followed with 5.0 per cent apiece.

Conversely, 15 stocks depreciated led by Union Bank of Nigeria Plc with 8.8 per cent. University Press Plc and Skye Bank Plc trailed, shedding 5.0 per cent apiece.

A.G Leventis Nigeria Plc and Vitafoam Nigeria Plc went down by 4.8 per cent each, just as AXA Mansard Insurance Plc, Cadbury Nigeria Plc and John Holt Plc declined by 4.7 per cent, 4.0 per cent and 3.5 per cent respectively.

A look at the performance across sectors showed that three appreciated while two declined. The NSE Banking Index led the sectoral performance with 3.0 per cent.

The NSE Oil &Gas Index trailed with a gain of 0.7 per cent due to positive sentiment towards Oando Plc (+4.8 per cent). Similarly, the NSE Industrial Goods Index added 0.3 per cent as a result of price appreciation in Meyer Plc (+4.3 per cent).

On the negative side, the NSE Consumer Goods Index shed 0.7 per cent on the back losses suffered by Nigerian Breweries (-0.6 per cent). The NSE Insurance Index fell by 0.3 per cent following depreciation in the shares of AXA Mansard (-4.8 per cent).

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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