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The Nigerian Exchange Ltd. (NGX) witnessed a surge in investor value by N85 billion, fueled by heightened purchasing activity in several bank shares, notably Zenith Bank and Access Holdings.
Closing at N39.649 trillion compared to the previous day’s N39.564 trillion, the market capitalization indicated a 0.22% climb, showcasing investor confidence and interest. The All-Share Index (ASI) mirrored this growth, ascending by 156.04 points or 0.22% to conclude at 72,455.83 from the previous day’s 72,299.79, further strengthening the market sentiment.
This surge correspondingly elevated the Year-to-Date (YtD) performance to 41.37%, indicating a favourable market outlook. Banking stocks, including First City Monument Bank (FCMB), United Bank of Africa (UBA), and Fidelity Bank, contributed significantly to this positive market trend, riding the wave of increased investor interest.
The market breadth leaned towards positivity with 27 gainers outweighing 26 laggards in a day marked by notable fluctuations. On the gainers’ front, Infinity led the charge with a percentage increase of 9.83% to close at N2.57 per share. Following closely was Johnholt, with a gain of 9.73% to close at N2.03 per share.
Ikeja Hotel saw an uptick of 9.20% to close at N4.75 per share, while Daar Communications and E-Tranzact both recorded a 7.69% increase to close at N0.42 and N7 per share, respectively. Conversely, RTBriscoe topped the losers’ chart by shedding 9.84% to close at 55k per share. UPDCreit trailed, declining by 9.78% to close at N4.15 per share.
Mutual Benefits Assurance recorded a loss of 9.43%, closing at 48k per share. Omatek and Sovereign Trust Insurance also experienced declines, shedding 7.79% and 7.69% respectively, closing at 71k and 36k per share, respectively. Despite the market’s upward trajectory, the total volume traded experienced a 10% decline, reaching 446.58 million units valued at N7.266 billion in 6,845 deals.
Access Holdings dominated the trading activity chart with 77.26 million shares valued at N1.76 billion. FCMB followed closely with 45.24 million shares worth N318.61 million, while Zenith Bank traded 37.29 million shares valued at N1.38 billion.
UBA transacted 29.3 million shares valued at N724.07 million, and Fidelity Bank traded 27.51 million shares worth N257.28 million. This report signifies a surge in banking stocks’ appeal among investors, contributing substantially to the market’s overall positive performance. (NAN)
