Bank Stocks Drive N37bn Gain at Local Bourse Friday

By Dipo Olowookere

Equities at the local bourse appreciated by N37 billion on Friday on the back of the sterling performance of stocks in the banking sector, especially the big boys.

The Nigerian Stock Exchange (NSE) closed 0.28 per cent higher during the trading session, with the year-to-date loss reducing to 4.66 per cent at the close of transactions.

Consequently, the All-Share Index (ASI) increased by 70.98 points to 25,591.95 points from 25,520.97 points while the market capitalisation grew by N37 billion N13.351 trillion from N13.314 trillion.

Stanbic IBTC Holdings was the highest price riser at the market, gaining N1.50 to settle at N40 per share, while Lafarge Africa appreciated by 60 kobo to finish at N12.80 per unit.

Flour Mills gained 35 kobo to sell for N19.50 per share, Zenith Bank rose by 25 kobo to quote at N17.20 per share, while GTBank improved by 25 kobo to trade at N25 per unit.

On the losers’ chart, CAP was the heaviest price loser, shedding N1.70 to settle at N15.75 per unit, while Julius Berger lost N1.40 to quote at N15.60 per share.

Ardova depreciated by N1.25 to close at N11.35 per unit, Guinness Nigeria fell by 50 kobo to quote at N13.50 per share, while International Breweries shed 15 kobo to sell for N3.50 per unit.

Business Post reports that the banking sector was the main driver of the growth witnessed yesterday, appreciating by 0.76 per cent and was trailed by the insurance sector, which grew by 0.45 per cent, while the industrial goods space appreciated by 0.25 per cent.

The decliners during the trading session were the consumer goods and energy sectors, which depreciated by 0.22 per cent and 0.04 per cent respectively.

The trading volume reduced on Friday by 10.04 per cent to 212.7 million shares from 236.5 million shares, while the trading value increased by 38.27 per cent to N2.3 billion from N1.7 billion, with the number of deals declining by 0.37 per cent to 3,239 deals from 3,251 deals.

The most active stock of the session was Custodian Investment, which traded 63.1 million units valued at N302.9 million, while Zenith Bank, which followed, transacted 17.7 million stocks valued at N303.6 million.

Guinness Nigeria traded 13.7 million shares for N185.1 million, Transcorp sold 9.3 million equities for N5.6 million, while African Alliance Insurance transacted 8 million equities worth N1.6 million.