Interest in Banking Stocks Pushes NGX Index Back to Bulls’ Zone

November 6, 2021
Banking Stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited made a quick return to the bulls’ zone on Friday, rising by 0.17 per cent on the back of interest in banking stocks.

The sector witnessed a significant increase as well as transactions at the final session of the week and this was mainly due to cross deals, especially in Sterling Bank, GTCO and Stanbic IBTC Holdings, according to data sourced by Business Post.

This pushed the level of activities higher yesterday as the trading volume rose by 72.21 per cent to 277.0 million units from the previous day’s 160.9 million units.

Also, the trading value appreciated by69.19 per cent to N2.4 billion from N1.4 billion, while the number of deals depreciated by 4.45 per cent to 3,524 deals from 3,688 deals.

At the close of trades, Sterling Bank traded the highest volume of shares with 83.6 million units valued at N125.5 million, followed by FBN Holdings with 52.6 million units worth N575.5 million.

Access Bank transacted 21.5 million stocks valued at N203.5 million, Transcorp exchanged 15.6 million shares worth N16.2 million, while Stanbic IBTC traded 13.6 million equities for N530.9 million.

Three of the five key sectors of the market appreciated on Friday led by the banking space with a 1.76 per cent. The insurance sector grew by 0.83 per cent, the energy index gained 0.22 per cent, while the insurance and industrial goods counters depreciated by 0.51 per cent and 0.02 per cent respectively.

the market breadth turned positive yesterday, unlike the previous trading days as there were 13 price losers and 25 price gainers led by Wema Bank, which appreciated by 10.00 per cent to sell for 88 kobo.

Consolidated Hallmark Insurance rose by 9.26 per cent to 59 kobo, Royal Exchange gained 8.33 per cent to close at 52 kobo, Mutual Benefits Assurance jumped by 8.00 per cent to 27 kobo, while Japaul appreciated by 7.89 per cent to 41 kobo.

The losers’ gang was led on Friday by Unilever Nigeria after its value dropped 6.32 per cent to N13.35. Universal Insurance fell by 4.55 per cent to 21 kobo, NGX Group declined by 4.31 per cent to N17.75, NPF Microfinance Bank shed 3.59 per cent to trade at N1.88, while Linkage Assurance crashed by 3.51 per cent to 55 kobo.

As for the All-Share Index (ASI), it increased by 70.67 points to 42,014.50 points from 41,943.83 points, while the market capitalisation went up by N37 billion to N21.926 trillion from N21.889 trillion.

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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