GTBank Closes as Most Attractive Stock at Midweek Session

June 11, 2020
GTBank Beta Health

By Dipo Olowookere

GTBank shares were the most attractive to investors at the Nigerian Stock Exchange (NSE) on Wednesday.

A total of 69.4 million units of the lender’s equities worth N1.7 billion were traded at the midweek session and was followed by Mutual Benefits Assurance, which transacted 51.8 million stocks valued at N12.4 million.

Also, at the market yesterday, investors traded 31.2 million units of FBN Holdings stock worth N167.7 million, Japaul Oil sold 18.7 million units valued at N4.3 million, while Zenith Bank transacted 16.4 million shares worth N274.9 million.

At the end of the day, a total of 260.5 million equities valued at N3.1 billion exchanged hands in 3,883 deals compared with the 265.4 million shares worth N1.1 billion traded in 4,054 deals the previous day, representing 1.85 percent and 4.22 percent decline in the volume of shares and number of deals respectively and 186.89 percent rise in the trading value.

Business Post reports that the local bourse depreciated on Wednesday by 0.47 percent, while the market breadth was at equilibrium on Wednesday with 19 price gainers and losers.

BUA Cement sat on top of the losers’ chart with a price depreciation of N1.70 to settle at N41.50 per unit, while UAC Nigeria lost 75 kobo to close at N7.50 per share.

C&I Leasing depreciated by 50 kobo to sell at N4.80 per share, Guinness Nigeria declined by 50 kobo to trade at N17.50 per unit, while Zenith Bank dropped 30 kobo to finish at N16.60 per share.

At the other side of the coin, Okomu Oil gained N3 to claim the top spot on the gainers’ table, closing at N67 per unit.

Berger Paints improved by 70 kobo to sell at N7.70 per unit, UPDC REIT rose by 30 kobo to N3.80 per unit, Neimeth grew by 21 kobo to quote at N2.34 per share, while GTBank increased its value by 15 kobo to N24.20 per share.

Yesterday, the All-Share Index (ASI) decreased by 120.11 points to 25,215.04 points, while the market capitalisation depreciated by N62 billion to N13.154 trillion.

The best performing sector of the market on Wednesday was insurance as it gained 1.44 percent, while the oil/gas sector grew by 0.20 percent.

The industrial goods sector was the worst performing with 2.54 percent loss. The consumer goods index declined by 0.27 percent, while the banking space fell by 0.14 percent.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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