Tier-1 banks drive NGX ASI  higher by 0.19%

Trading on the Nigerian Exchange Ltd., (NGX) on Wednesday closed positive, as bargain hunting in Tier-1 banks, including Zenith Bank and Guaranty Trust Holding Company (GTCO), and SEPLAT drove the benchmark index higher.

Precisely, the All-Share Index (ASI) inched up by 0. 19 per cent to 46,777.37 points from 46,687.85 recorded on Monday.

Similarly, the market capitalisation grew by 0.19 per cent to close at N25.218 trillion as against N25.17 trillion recorded the previous day.

As measured by market breadth, market sentiment was negative as 20 stocks  lost relative to 18 gainers.

Meyer recorded the highest price gain of 8.86 per cent to close at 86k per share, while Regal Insurance followed with a gain of 7.14 per cent to close at 30k per share.

FTN Cocoa rose by 6.45 per cent to close at 33k, per share, while Caverton  appreciated by 5.56 per cent to close at N1.33, per share.

On the other hand, NPF Microfinance Bank  led the losers’ chart with 9.64 per cent to close at N2.25, per share.

Learn Africa  followed with a decline of 9.14 per cent to close at N1.69 per share, while Multiverse lost 8.70 per cent to close at 21k per share.

RTBriscoe  declined by 6.67 per cent to close at 56kobo per share, while NASCO shed 5.43 per cent to close at N12.20 per share.

The total volume of trades increased by 17.3 per cent to 257.41 million units, valued  N2.34 billion, and exchanged in 4,410 deals.

Fidelity Bank was the most traded stock by volume at 66.43 million units, while GTCO was the most traded stock by value at N341.23 million.