FBN, Sterling, Diamond Bank Lead N335bn Market Gain

• FBN, Sterling, Diamond Bank Lead N335bn Market Gain

The equities market, on Tuesday, appreciated by N335bn thus sustaining its positive trajectory for the week.

FBN Holdings Plc, Sterling Bank Plc and Diamond Bank Plc emerged as the top three gainers at the close of trading, appreciating respectively by 10.2 per cent, 10 per cent and 10 per cent.

The All-Share Index advanced by 2.2 per cent to 44,054.72 basis points while year-to-date return moved up to 15.2 per cent. Consequently, the NSE market capitalisation settled at N15.782tn from N15.447tn.

Tuesday’s positive performance was largely driven by sustained buying interest in market heavyweights like Dangote Cement Plc, Zenith Bank Plc and FBN, which appreciated by two per cent, 4.7 per cent and 10.2 per cent. However, activity level was mixed as volume traded fell by 13 per cent to 635.404 million units while value traded advanced by 21.2 per cent to N7.636bn.

Performance across sectors was largely bullish as four out of the major five indices closed on positive notes. The industrial goods index emerged the lone loser, down by 0.4 per cent largely due to selling pressures in Lafarge Africa Plc, which slumped by 3.4 per cent.

However, the banking index appreciated the most, up by 3.9 per cent owing to a sector-wide rally. However, Zenith Bank, Guaranty Trust Bank Plc and United Bank of Africa Plc were the major drivers of the performance.

The oil/gas and insurances indices followed, rising by 1.1 per cent and 0.9 per cent, respectively on the back of gains in 11 Plc, Forte Plc, AXA Mansard Insurance Plc and NEM Insurance Nigeria Plc, which appreciated by five per cent, 1.8 per cent, 4.7 per cent and 4.5 per cent, accordingly.

In the same vein, price appreciation in Dangote Sugar Refinery Plc, Nigerian Breweries Plc and Guinness Nigeria Plc by five per cent, 0.3 per cent and 4.8 per cent, respectively, pulled the consumer goods index 0.3 per cent higher.