The Nigerian stock market rebounded on Tuesday following renewed interest in banking stocks.
Banking stocks emerged as the frontrunners, leading the market to reverse the previous losses and chart a path of growth.
At the forefront of the trading activity were some of the industry’s heavyweights, with Guaranty Trust Holding Company taking the lead.
Guaranty Trust Holding Company led with 245,459,806 shares valued at N7.94 billion that exchanged hands. This was followed by FBN Holdings, which recorded 45,468,550 units estimated at N1.09 billion.
Access Holdings also trailed FBN Holdings with 42,872,090 units evaluated at N727.95 million.
United Bank for Africa (UBA) witnessed considerable activity as well, with 22,451,746 units of its stocks worth N537.74 million traded.
Breaking away from the banking trend momentarily was Transcorp Plc, an indigenous conglomerate, which saw significant traction in the market.
The company witnessed 36,077,777 units of its stocks traded, valued at N502.35 million.
The resurgence in banking stocks injected a sense of optimism into the market, leading to a notable uptick in key indices.
The All-Share Index appreciated by 0.35 percent, reaching 98,225.63 points, while the year-to-date return surged to an impressive 31.36 percent.
Also, the market capitalization of listed equities experienced a significant boost, rising by N196 billion to settle at N55.55 trillion.
The positive momentum extended across various sectors, with banking, insurance, and oil & gas sectors experiencing gains of 1.70 percent, 0.15 percent, and 1.07 percent, respectively.
This resurgence underscored the market’s resilience and its ability to rebound swiftly from previous downturns.
Despite pockets of decline observed in the consumer and industrial goods indices, the overall market sentiment remained bullish.
The day’s trading activity painted a picture of enthusiasm, with total deals, volume, and value recording notable increases of 7.30 percent, 99.18 percent, and 193.52 percent, respectively.
In summary, the Nigerian stock market’s rebound, led by banking giants, reflects renewed investor confidence and optimism.
The impressive performance of key players in the banking sector signals a positive trajectory for the market, setting the stage for further growth and stability in the coming sessions.
