Nigerian Exchange Spikes by N246bn as Tier-1 Banks Rally

The Nigerian Exchange (NGX) equities market capitalisation surged by N246 billion midweek as Tier-1 banks rally further.  Transaction details from the local bourse showed that the All-Share Index, which opened at 98,383.04, gained 0.44 percent to close at 98,818.04.

This increase contributed to the market capitalisation rising by N246 billion, or 0.44 percent, to close at N55.899 trillion, compared to N55.653 trillion recorded on Tuesday.

The year-to-date (YTD) return advanced to 32.16 percent. The sustained demand for Tier-One banking stocks such as Guaranty Trust Holding Company (GTCO), Zenith Bank, and FBN Holdings, along with International Breweries, Dangote Sugar, and Oando Plc, among others, kept the market in the green.

The market breadth remained positive, with 31 gainers and 15 losers. Abbey Mortgage Bank led the gainers’ chart with a 9.66 per cent increase to close at N2.70 per share.

National Salt Company of Nigeria (NASCON) followed with a similar percentage increase, closing at N40.85 per share. FCMB gained 9.63 per cent to close at N7.40, International Breweries advanced by 9.59 percent to close at four Naira.

Also, Dangote Sugar grew by 9.56 percent to close at N47 per share. On the flip side, International Energy Insurance led the losers’ chart with a 9.68 percent decrease to close at N1.40 per share.

Jaiz Bank trailed with a 6.52 percent decline to close at N2.15 per share. Tantalizer lost six percent to close at 47k, and Nigerian Police Force Microfinance Bank declined by 5.88 percent to close at N1.60 per share.

Fidson Healthcare Plc went down by 5.40 percent to close at N14.90 per share. Trade turnover settled lower relative to the previous session, with the value of transactions down by 27.60 percent. GTCO’s Market Value Falls 31% Below 52-Week High

A total of 518.95 million shares valued at N4.77 billion were exchanged in 7,781 deals, compared to 559.61 million shares valued at N6.58 billion exchanged in 7,990 deals on Tuesday. Abbey Mortgage Bank led the volume chart for the second time with 230.35 million shares valued at N621.91 million.

Access Corporation followed with 80.99 million shares worth 1.39 billion, while United Bank for Africa (UBA) traded 23.90 million shares valued at N541.69 million. FCMB also transacted 18.66 million shares worth N133.16 million, while Fidelity Bank sold 16.38 million shares valued at N154.84 million. #Nigerian Exchange Spikes by N246bn as Tier-1 Banks Rally
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