Banking stocks lift equities market to fifth consecutive gains

Equities trading on the Nigerian Exchange (NGX) sustained its bullish run for the fifth consecutive session, as the All-Share Index (ASI) gained 0.21 percent to close at 140,665.84 basis points.

The bullish sentiment was driven by a rally in select banking stocks, including Zenith Bank, United Bank for Africa, FBN Holdings, and Guaranty Trust Holding Company, which appreciated by 1.52 percent, 2.34 percent, 1.64 percent, and 0.27 percent, respectively.

Consequently, the Month-to-Date and Year-to-Date returns settled at +0.3 percent and +36.7 percent, respectively.

Market capitalisation also rose by ₦190.13 billion to close at ₦89.00 trillion.

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As measured by market breadth, sentiment was positive, with 39 gainers against 11 losers.

On the performance board, Guinness Nigeria and Living Trust Mortgage Bank led the gainers, with their share prices appreciating by 10 percent each, while NEM Insurance and AXA Mansard Insurance posted the day’s highest losses after their share prices dipped by 10 percent and 4.8 percent, respectively.

Sectoral performance was largely positive, with gains recorded in the Banking, Consumer Goods, Oil & Gas, Industrial, and Commodity sectors. However, the Insurance sector declined by 1.16 percent.

Trading activity was subdued, as the number of deals fell by 7.66 percent to 22,935, trading volume declined by 50.74 percent to 378.18 million units, and trading value dropped sharply by 69.47 percent to ₦12.41 billion.

Japaul Gold and Ventures led the volume chart with 42.05 million units traded, while Zenith Bank topped the value chart with ₦1.87 billion worth of transactions.

NIGERIAN TRIBUNE