Banking Equities Drive NGX Index Higher by 1.68% to 65,003.39 points

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited closed higher by 1.68 per cent, with banking equities driving the growth on the back of a strong appetite for them.

The banking space significantly increased by 9.46 per cent in the last trading session of the week, with the consumer goods index growing by 0.89 per cent.

They offset the losses posted by the other key sectors of the market, with the insurance counter falling by 0.74 per cent, the energy space declining by 0.33 per cent, and the industrial goods sector shedding 0.01 per cent.

The All-Share Index (ASI) went up during the session by 1,072.67 points to 65,003.39 points from 63,930.72 points, and the market capitalisation inflated by N584 billion to N35.395 trillion from N34.811 trillion.

Data showed that investor sentiment remained bullish yesterday as the market breadth was positive after the bourse printed 48 price gainers and 17 price losers.

The quintet of CWG, Jaiz Bank, Stanbic IBTC, GTCO and John Holt appreciated by 10.00 per cent each on Friday to N2.97, N1.98, N62.70, N38.50, and N2.86, respectively.

Conversely, Academy Press topped the losers’ chart after it dropped 9.88 per cent to sell at N2.19, Abbey Mortgage Bank declined by 9.68 per cent to N1.12, Cornerstone Insurance depreciated by 9.43 per cent to 96 Kobo, Secure Electronic Technology shed 8.82 per cent to 31 Kobo, and Guinness Nigeria went down by 8.75 per cent to N73.00.

Business Post reports that 770.8 million stocks valued at N14.3 billion exchanged hands in 8,915 deals yesterday compared with the 1.4 billion stocks worth N18.1 billion transacted in 7,179 deals on Thursday, representing an increase in the number of deals by 24.18 per cent, a decline in the trading volume by 43.28 per cent, and a fall in the number of deals by 21.00 per cent.

UBA topped the activity chart for trading 111.2 million equities worth N1.6 billion, Access Holdings transacted 88.0 million shares for N1.6 billion, Zenith Bank sold 73.4 million stocks valued at N2.6 billion, GTCO traded 65.3 million shares worth N2.5 billion, and Fidelity Bank transacted 57.1 million stocks for N445.5 million.