Banks fuel rally on NGX as ASI gains 0.66%

Onome Amuge

The Nigerian Exchange Group (NGX) recovered from the previous day’s losses, as the All-Share Index gained 0.66 percent, or 540.88 points, to close at 82,565.26 points at the close of Thursday’s trading session. The bullish run was primarily driven by the banking sector, with First Bank Nigeria Holdings (FBNH) gaining 6.78 percent, Guaranty Trust Holding Company (GTCO) rising 2.27 per cent, United Bank for Africa (UBA) climbing 4.94 per cent, and Zenith Bank gaining 1.99 per cent. The breadth of the market was positive, with 48 gainers and 22 losers.

In a similar trajectory,the equities market gained N314 billion in value, as the market capitalisation surged by 0.66percent to close at N45.199 trillion, up from N44.885 trillion the previous day. The trading volume also saw a 46.5 per cent decline, from 1.641 billion units to 877.28 million units. Similarly, the trading value decreased by 43.2 per cent to N14.41 billion, from N25.38 billion the day before.

The positive performance of MTN Nigeria (MTNN), BUA Cement (BUACEMENT), and Zenith Bank (ZENITHBANK) was enough to offset the losses recorded by Vitafoam (VITAFOAM), Cornerstone Insurance (CORNERST), and Linkage Assurance (LINKASSURE). As a result, the market was able to close in the green for the day. With this performance, the year-to-date (YTD) return increased to 10.46 per cent, while the market capitalization gained ₦313.39 billion, closing at N45.20 trillion.

Today’s market activities showed a significant decrease in trade turnover compared to the previous session, with the value of transactions down by 43.20 per cent. A total of 877.28 million shares worth N14.41 billion were exchanged in 14,919 deals. Transcorp (TRANSCORP), with 74.54 million shares traded, topped the volume chart, while Zenith Bank (ZENITHBANK), with N1.98 billion worth of shares traded, was the most valuable stock.

The market breadth closed positive at a ratio of 2.05:1, with 44 stocks advancing and 21 declining. Royal Exchange (ROYALEX) was the top gainer, with a 10 per cent increase in its share price. Conversely, Abbey Building Society (ABBEYBDS) was the biggest loser, with a 9.9 per cent decline in its share price.

In terms of volume traded, Transcorp (TRANSCORP) led with 74.535 million units traded, followed by Sterling Bank (STERLINGNG) with 54.324 million units, Access Bank (ACCESSCORP) with 54.118 million units, AIICO (AIICO) with 53.904 million units, and United Bank for Africa (UBA) with 52.274 million units.

In terms of value traded, Zenith Bank (ZENITHBANK) led with N1.98 billion traded, followed by United Bank for Africa (UBA) with N1.57 billion, Access Bank (ACCESSCORP) with N1.51 billion, MTN Nigeria (MTNN) with N963.33 million, and Transcorp (TRANSCORP) with N935.42 million.