Investors Sustain Demand for Financial Stocks as Index Rises 0.43%

By Dipo Olowookere

The hunger for financial stocks was sustained on Tuesday at the market, with Fidelity Bank closing as the most traded equity.

Investors traded 125.3 million units of the company’s equities valued at N265.6 million, with Zenith Bank trailing for transacting 26.8 million units worth N575.0 million.

UAC Nigeria exchanged 25.8 million shares worth N280.3 million, GTBank transacted 22.8 million stocks for N683.1 million, while FBN Holdings traded 21.1 million shares for N161.6 million.

However, these transactions were lesser than the previous session as the trading volume reduced 33.34 per cent to 339.0 million from 508.6 million, the trading value dropped 91.58 per cent to N2.7 billion from N32.1 million, while the number of deals went down by 2.78 per cent to 4,203 deals from 4,323 deals.

It was observed that buying interest pushed the stock market higher yesterday by 0.43 per cent, buoyed by the 1.80 per cent growth seen in the banking sector, 1.10 per cent rise in the insurance sector and 0.40 per cent increase in the consumer goods counter.

The energy sector was not lucky on Tuesday as it marginally went down by 0.03 per cent, while the industrial goods counter closed flat.

PZ Cussons and Honeywell Flour were the highest price gainers yesterday as their share prices rose by 10.00 per cent each to close at N4.95 and N1.43 respectively.

Sovereign Trust Insurance grew by 8.00 per cent to 27 kobo, NEM Insurance appreciated by 7.50 per cent to settle at N2.15, while John Holt gained 5.88 per cent to trade at 54 kobo.

On the flip side, Royal Exchange ended the session as the highest price loser with a price depreciation of 10.00 per cent to finish at 36 kobo.

Portland Paints lost 9.90 per cent to trade at N2.64, FTN Cocoa declined by 8.89 per cent to 41 kobo, Chams went down by 4.55 per cent to 21 kobo, while Livestock Feeds depreciated by 2.70 per cent to N1.80.

At the close of business, the All-Share Index (ASI) increased by 167.56 points to 39,015.58 points  from 38,848.02 points, while the market capitalisation went up by N88 billion to N20.419 trillion from N20.331 trillion.