Gains in Bank shares push ASI by 0.2%

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Stories by Olabode Jegede

Price appreciation in listed Bank shares on the Nigerian Stock Exchange (NSE) pushed the All-Share Index (ASI) by 0.2 per cent yesterday amid weak investors trading.

The All Share Index (ASI) gained 53.08 basis points, representing an increase of 0.2 per cent to close at 29,202.54 basis points from 29,149.46 basis points it opened for trading.

Precisely, the Banking Index recorded highest gained on Wednesday and thanks to share price appreciation in Zenith Bank Plc, Wema Bank Plc and FBN Holdings Plc.

Gain in the above banks share lifted the Banking index by 0.8 per cent, as Industrial Goods index, Insurance and Consumer Goods indices declined while Oil & Gas index closed flat despite gains in Eterna Plc.

Consequently, Market statistics obtained by the Nigerian NewsDirect showed that the market capitalisation, which opened trading at N10.949 trillion gained N16 billion or 0.2 per cent to close trading at N10.965 trillion.

Also, market breadth closed positive, recording 24 gainers against 18 losers while Year-Till-Date loss moderated to -7.1 per cent.

Meanwhile, activity level was mixed as volume traded advanced 9.9 per cent to 411.2m units while value traded declined 19.5 per cent to N2.5 billion. Transcorp (174.5m units), Sterling Bank (48.8m units) and Access Bank (37.6m units) were the top trades by volume while Guaranty Trust Bank (N758.5m), Zenith Bank (N240.5m) and Access Bank (N220.1m) led the top trades by value.

Analysts at APT Securities and Fund Limited said that, “In the absence of major information to trigger any move in the equities market. We advise investors to tread with caution.

“However, the equities market is set for a rebound as down days are expected to wane.”

An analysis of the price movement table shows that Livestock Plc (10 per cent), Custodian (9.8 per cent) and Learn Africa Plc (9 per cent) were the best performing stocks while laggards were led by GLAXOSMITH (10 per cent), CUTIX (10.0 per cent) and PZ (9.7 per cent).

Analysts at Afrinvest Limited said that, “Following yesterday’s positive performance, we do not rule out the possibility of bargain hunting in today’s trading session particularly on bellwether stocks with attractive entry prices.

“However, we maintain our bearish outlook for the week.”

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