Banking Stocks Bullish Run Drives Market Activity
Bullish run by the banking sector on Tuesday propelled market performance to near positive territory but failed in the end to lift the market out of the red.
The NSE banking index shows only the sector posted growth, thus pitching demand for its stocks against supply, leading to remarkable growth in share prices of most banks.
For instance, NSE Banking Index appreciated by 5.59 per cent, due to the buy-interests in ACCESS which gained 10.00 per cent, FCMB by +9.66 per cent, WEMABANK by +9.09 per cent, UBN by +9.09 per cent and ZENITHBANK by +5.47 per cent.
Meanwhile, the Nigerian equities market closed negative Tuesday as the NSE-ASI lost 0.71 percent to close at 22,543.07pts. However, in session, market breadth index was positive with 27 gainers against 12 losers.
Equities market capitalisation dropped further by N84.5 billion, to close trade at N11, 747,753 trillion, from the market value of N11, 832,241 trillion that opened the day’s trading session.
Sectorial performance on Tuesday showed that the NSE Industrial Index declined by 2.16 per cent, due to the sell-offs in DANGCEM which dropped in price by 10.00 per cent and CAPL which reduced by 9.77 per cent.
NSE Oil & Gas Index also depreciated, by 0.61 per cent, as a result of the loss in ARDOVA by -9.80 per cent. NSE Consumer Goods Index fell by 0.04 per cent, on the back of declines in NASCON by -10.00 per cent, INTBREW by -9.57 per cent and CHAMPION by -8.97 per cent.
DANGCEM led the losers on Tuesday with N15.3 or 10.00 per cent dip, to close at N137.7 per share, followed by CAP, which depreciated by N1.95 or 9.77 per cent, ending the day at N18 per share, while ARDOVA, closed as the third highest loser, with N1.5 or 9.80 per cent loss, to close trade at N13.8 per share.
NASCON closed trade as the fourth-highest loser with N0.95 or 10.00 per cent dip, to close at N8.55 per share, while INTERBREW closed the top five losers at N5.2 per share, having declined by N0.55 or 9.57 per cent.
ZENITHBANK, the most active stock Tuesday posted 173,936,141million shares, worth N2,318,771,820.35 billion, followed by GUARANTY with 131,063,876 million shares , worth N2,571,707,803.90 billion, while FBNH, as the third most active stock, posted 119,267,480 million shares , worth N478,913,147.05 million.
ACCESS, as the fourth most active stock Tuesday, polled 92,028,374 million shares worth N539, 133,640.80 million, while UBA closed the day’s top five most active stocks chart with 31,470,605 million shares worth N168, 889,932.45 million.
NB emerged as the top gainer on Tuesday with N2.05 or 7.33 percent, to close at N30 per share. MTNN followed with N1.9 or 2.04 per cent growth in share price, closing at N95 per share, while WAPCO, as the third-highest gainer, grew by N1 or 10.00 per cent, to end the day at N11 per share.
STANBIC, as the fourth highest gainer, grew by N0.95 or 3.24 per cent, ending the day at N30.25 per share, while ZENITHBANK, closed the top five gainers chart with N0.7 or 5.47 per cent growth, to close at N13.5 per share.
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