NGX Jumps as Tier-1 Banks Shares Rally

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NGX Jumps as Tier-1 Banks Shares Rally

NGX Jumps as Tier-1 Banks Shares Rally

Trading activities on the Nigerian Exchange (NGX) opened positively as the All-Share index advanced by 0.2% to close at 52,579.52 points.  Today, the stock market appreciated by N62 billion as investors take a position in Tier-1 banking shares.

Major tickers that rallied include Nigerian Breweries, Nigerian Exchange Group, Ardova Plc, Stanbic IBTC Holdings and Guaranty Trust Holding Company (GTCO).

As measured by market breadth, market sentiment was positive as 29 stocks gained relative to 27 losers. Multiverse Mining and Exploration recorded the highest price gain of 10 per cent to close at N3.41, per share.

Red Star Express followed with a gain of 9.96 per cent to close at N2.65, while CWG gained by 9.85 per cent to close at N1.45, per share. McNichols went up by 9.23 per cent to close at 71k, while International Breweries grew by 6.82 per cent to close at N4.70, per share.

On the other hand, C & I Leasing led the losers’ chart by 9.8 per cent, to close at N3.59, per share. Transnational Corporation (Transcorp) followed with a decline of 7.73 per cent to close at N1.79. Meanwhile, FTN Cocoa Processors declined by 6.9 per cent to close at 27k, per share.

Chams Holdings depreciated by 6.45 per cent to close at 29k and Custodian Investment declined by 4.8 per cent to close at N5.95, per share. The total volume traded advanced by 6.0 per cent to 511.38 million units, valued at N7.14 billion, and exchanged in 5,883 deals.

Transactions in the shares of Access Holdings topped the activity chart with 167.62 million shares valued at N1.92 billion. FBN Holdings (FBNH) followed with 91.29 million shares worth N1.09 billion, while United Bank for Africa (UBA) traded 78.06 million shares valued at N623.44 million.

Transnational corporations (Transcorp) traded 29.557 million shares valued at N53.202 million, while AXA Mansard Insurance sold 18.151 million shares worth N45.687 million.

Sectoral performance was broadly positive. The Insurance index popped up by 0.8%, Banking inched up by 0.6%, Consumer Goods sector index gained 0.6%, and Oil & Gas advanced 0.4%. Meanwhile. the Industrial Goods index closed flat.

Overall, equities market capitalisation rose by N62 billion to close at N28.63 trillion as against N28.568 trillion posted on Friday. #NGX Jumps as Tier-1 Banks Shares Rally

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