NGX: Interest in banking shares pushes market northward

The Nigerian equities market traded positively for the third-straight session on Wednesday as sustained investors’ preference for banking shares pushes the benchmark index northward by 0.12 per cent.

Precisely, the All Share Index (ASI) advanced by 0.12 per cent to 40,765.20 basis points, with the Month-to-Date and Year-to-Date returns increasing to +3.9 per cent and +1.2 per cent, respectively.

Having appreciated by 7.8 per cent, bargain buying in FBN Holding drove market performance for the day under review as the market’s worth settled at N21.2 trillion after adding N25 billion.

Despite the northward movement in the ASI, the number of losers still outweighed that of the gainers with 20 against 19, suggestive of more wins in bellwether stocks.

The performance chart, Pharmadeko and ABC Transport topped the losers’ list with 6.0 per cent and 5.7 per cent decline recorded against their respective shares, while FBN Holdings and University Press Limited recorded the most significant gains by 7.8 per cent and 7.4 per cent respectively.

Meanwhile, market activity was mixed even as we saw strong interest in FBN Holdings shares as over N1 billion worth exchanged hands on Wednesday.

Thus, the value of stock traded increased by 11.33 per cent to N3.48 billion. However, the volume of stock traded fell by 7.47 per cent to 400.65 million.

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