Market Gains N138bn as Buying Interest in Banking Stocks Persists
By Dipo Olowookere
Buying interest in banking stocks persisted on Tuesday on the floor of the Nigerian Exchange (NGX) Limited, leading to a 0.48 per cent growth posted by the local market.
The tier-lenders performed well during the trading session, helping the banking sector to close 1.55 per cent higher when the closing gong was beaten by the French Consul General, Ms Laurence Monmayrant.
The closing gong ceremony for the Franco-Nigerian Chamber of Commerce and Industry was held in honour of the French Consul General yesterday.
Business Post reports that the consumer goods index appreciated at the close of business by 0.35 per cent, the energy sector improved by 0.04 per cent, and the industrial goods space rose by 0.02 per cent, while the insurance sector depreciated by 0.01 per cent.
The loss printed by the insurance counter did not impact the All-Share Index (ASI), which increased by 252.06 points to 52,621.19 points from 52,369.13 points.
In the same vein, the market capitalisation chalked up N138 billion when trading activities were wrapped up, closing at N28.653 trillion compared with the preceding day’s N28.515.31 trillion.
The bulls tightened their grip on the bourse on Tuesday, as reflected in the market breadth index, which was positive due to the price gainers’ chart recording 33 members and the price losers’ log posting 15 members.
Transcorp gained 9.85 per cent to close at N2.90, Tripple Gee jumped by 9.83 per cent to N3.24, Unilever Nigeria appreciated by 9.70 per cent to N14.70, University Press grew by 9.63 per cent to N2.05, and Chams rose by 9.38 per cent to 35 Kobo.
Conversely, Chelleram lost 9.94 per cent to trade at N1.63, Sunu Assurances depreciated by 9.43 per cent to 48 Kobo, C & I Leasing shrank by 8.83 per cent to N3.20, Japaul depleted by 5.71 per cent to 33 Kobo, and Cadbury Nigeria decreased by 5.48 per cent to N16.40.
On the activity chart, investors transacted 351.0 million shares worth N5.2 billion in 5,946 deals yesterday compared with the 318.2 million shares worth N4.1 billion traded in 5,847 deals on Monday, indicating an improvement in the trading volume, value and the number of deals by 10.31 per cent, 26.83 per cent, and 1.69 per cent, respectively.
UBA topped the table after it transacted 62.5 million equities worth N511.1 million, Zenith Bank traded 59.0 million shares for N1.6 billion, GTCO sold 31.7 million stocks valued at N875.1 million, Access Holdings exchanged 19.5 million stocks worth N203.1 million, and Transcorp traded 17.8 million equities valued at N50.1 million.