Banking Stocks Lead Rally As NGX Cap Crosses N65trn

The Nigerian equities market capitalization yesterday crossed the N65 trillion benchmark, supported by price appreciation in Banking stocks: FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO) and Access Holdings.

The All-Share Index (ASI) gained by 536.54 points, representing a growth of 0.51 per cent to close at 105,324.89 points. Also, market capitalisation gained N332 billion to close at N65.222 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; FBN Holdings (FBNH), Eterna, NASCON Allied Industries, Guaranty Trust Holding Company (GTCO) and Africa Prudential.

Analysts at Afrinvest Limited stated that “in the subsequent trading session, we expect the bullish run to persist from sustained positive sentiment amid the earnings season.”

Also, investor sentiment, as measured by market breadth, was positive as 37 stocks advanced, while 21 declined. Guinea Insurance recorded the highest price gain of 10 per cent to close at 88 kobo, per share. Eterna followed with a gain of 9.96 per cent to close at N30.35, while Cadbury Nigeria rose by 9.95 per cent to close at N24.30, per share.

International Energy Insurance gained 9.91 per cent to close at N2.33, while FBN Holdings (FBNH) rose by 9.56 per cent to close at N32.10, per share.

On the other hand, May & Baker Nigeria led the losers’ chart by 9.88 per cent to close at N7.75, per share. Academy Press followed with a decline of 9.33 per cent to close at N2.72, while Thomas Wyatt Nigeria declined by 9.31 per cent to close at N1.85, per share.

Deap Capital Management and Trust depreciated by 6.80 per cent to close at 96 kobo, while The Initiates Plc (TIP) declined by 6.72 per cent to close at N3.47, per share.

Also, the total volume traded rose by 124.1 per cent to 1.057 billion units, valued at N28.812 billion, and exchanged in 15,080 deals.

Transactions in the shares of Access Holdings topped the activity chart with 467.967 million shares valued at N12.434 billion. FBNH followed with 92.901 million shares worth N2.808 billion, while UAC of Nigeria (UACN) traded 46.234 million shares valued at N1.665 billion.

AIICO Insurance traded 32.905 million shares valued at N55.790 million, while Zenith Bank sold 29.870 million shares worth N1.485 billion.