Equities market closes with N88bn by investors in banking stocks


By Philemon Adedeji

Trading activities on the Nigerian Exchange Limited (NGX) closed yesterday in green posture amid impressive performance delivered by Tier-1 bank investors which are Zenith Bank  (2.65 per cent), Guaranty Trust Holding Company (GTCO) (4.18 per cent), and First Bank Holding of Nigeria (FBNH) (0.83 per cent).

As a result, the year-to-date (YTD) return rose to 2.59 per cent, while market capitalization gained N88 billion to close at N28.63 trillion from N28. 542 trillion it closed for trading day.

Specifically, the NGX All-Share Index (ASI) closed higher by 161.53 basis points or 0.31 per cent to settle at 52,580.86 index points from 52,419.33 index points it closed trade on Tuesday.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.24 per cent.

At the close of trade yesterday, trade volume totally increased further by 18.0 per cent to close at 680, 796, 099 million shares valued at N7.892 billion were exchanged in 6,666 deals.

Fidelity Bank led the volume chart with 254.05m units traded, while GTCO (+4.18 per cent) led the value chart in deals worth N1.57 billion.

As measured by market breadth market sentiments closed positive as 29 stocks led the gainers on the advancers chart while 18 stocks led on the losers on the decliners table.

On price movement table, MRS oil led as the highest price gainer which appreciated by 9.93 per cent increased to close at N37.10 per share, Nigerian Breweries which followed went up by 9.63 per cent to close at N38.70 per share, while Cornerstone Insurance which recorded as the last third gainer grew by 9.46 per cent to close at N0.81 per share.

FTNCOCOA Processor which recorded as the last fourth gainer rose by 8.82 per cent to close at N0.37 per share, while Royalex Exchange which recorded as the last fifth gainer rose by 8.33 per cent to close at N0.52 per share.

On the losers chart, Consolidated Hallmark Insurance emerged as the most price loser which dipped by 7.69 per cent to close at N0.60 per share, Sovereign Insurance which followed suffered 6.52 per cent to close at N0.43 per share, while Transnational Corporation went down by 5.23 per cent to close at N2.90 per share.

Caverton Offshore which recorded as the last Fourth shed 4.76 per cent to close at N1.00 per share.

Wapic Insurance which recorded as the last fifth loser depreciated by 4.44 per cent to close at N0.43 per share

Transaction in the shares of Fidelity Bank topped the activities chart with 254.051 million shares valued at N1.418 billion, closely followed by Access Corporation which traded 112.827 million shares valued at N1.131 billion, while Transnational Corporation transacted 63.391 million shares worth N185.591 million.

Guaranty Trust Holding Company accounted 59.991 million share valued at N1.568 billion.

Zenith Bank exchanged 31.697 million shares worth N794.383 million.