Investors in Tier-1 bank drives stock market by 0.02%, amid bullish sentiments

By Philemon Adedeji

After trading yesterday, equities market closed flat as the investors interest in Tier-1 banking which are, Zenith Bank (+0.20 per cent), Guaranty Trust Holding Company (GTCO), (+0.20 per cent), and First Bank Holding of Nigeria (+0.86 per cent) managed to drive the market’s overall performance.

Absolutely, the NGX All-Share Index (ASI) appreciated by 11 basis points or 0.02 per cent to close at 54,507.66 Index points from 54,496.31 Index points it closed for previous trading.

Consequently, the year-to-date (YTD) return rose slightly to 6.35 per cent, while market capitalisation gained N6.18 billion to close at N29.688 trillion from N29.682 trillion it closed trade on Tuesday.

The market performance was impacted by price appreciation in medium and large capitalised stocks which are, Zenith Bank, Triple G, Linkages Assurance and others.

Yesterday market performance showed trade turnover closed lower relative to the previous session, with the value of transactions down by 23.50 per cent.

The trade volume declined by 24.4 basis points to close at 134,459,667 million shares valued at N4.355 billion were exchanged in 2,905 deals.

Guaranty Trust Holding Company (GTCO) led the volume chart with 42.35 million shares traded while SEPLAT Energy led the value chart  in deals worth N1.18 billion.

As measured by market breadth, the market sentiments closed flat as Triple G topped 13 others on the leader’s log, while Japaulgold led 13 others on the laggard’s table.

On the leaders table, Triple G came as the highest price gainer with 10.00 per cent increased to close at N1.65 per share, closely followed Linkages Assurance which grew by 7.14 per cent to close at N0.45 per cent, while Consolidated Hallmark Insurance Plc which recorded as the last third gainer went up by 4.62 per cent to close at N0.68 per share.

Ikeja Hotel which recorded as the last fourth gainer rose significantly by 4.00 per cent increased to close at N1.04 per share FTNCOCOA processor gained 3.57 per cent increased to close at N0.29 per share.

On the laggards log, Japaulgold and Sovereign Insurance came as the highest price loser which declined by 6.67 per cent each to close at N0.28 respectively.

Nascon which emerged as the highest third loser shed 3.57 per cent to close at N10.80 per share.

Chams Plc depreciated by 3.45 per cent to close at N0.28 per share.

First City Monument Bank which recorded as the last fifth loser dropped by 3.26 per cent to close at N4.45 per share.

Transaction in the shares of Guaranty Trust Holding Company topped the activities chart with 42.348 million shares worth N1.064 billion, followed by United Bank of Africa which transacted 13.104 million shares valued at N109.901 million, while AIICO insurance traded 6.661 million shares worth N3.959 million.

First Bank Holdings sold 6.345 million shares valued at N73.957 million.

Access Corporation transacted 5.503 million shares valued at N50.853 million.