NGX Index Rises 0.60% as Traders Spice Up Portfolios With Banking Stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.60 per cent on Monday after investors spiced up their portfolios with some banking stocks.

The growth posted by the bourse yesterday pushed the year-to-date return, at 22.81 per cent, slightly above inflation, which the National Bureau of Statistics (NBS) said accelerated in June 2023 by 22.79 per cent from 22.41 per cent in May 2023.

The banking sector expanded by 7.57 per cent, and the insurance industry rose by 0.37 per cent, while the industrial goods, consumer goods, and energy counters depreciated by 0.69 per cent, 0.66 per cent, and 0.62 per cent, respectively.

When the market closed for the session, the All-Share Index (ASI) increased by 373.62 points to 62,943.35 points from 62,569.73 points, and the market capitalisation jumped by N203 billion to N34.273 trillion from N34.070 trillion.

The trio of Daar Communications, Fidelity Bank, and Unilever Nigeria gained 10.00 per cent each during the session to close at 33 Kobo, N7.37, and N14.50 apiece, as Sterling Holdings rose by 9.97 per cent to N3.42 and John Holt expanded by 9.94 per cent to N1.99.

On the flip side, the quartet of SFS REIT, PZ Cussons, Veritas Kapital, and Union Bank shed 10.00 per cent each to settle at N69.30, N16.20, 27 Kobo, and N6.30, respectively, and FTN Cocoa lost 9.93 per cent to quote at N2.54.

A total of 710.0 million stocks worth N13.8 billion were traded on Monday in 8,979 deals, in contrast to the 600.5 million stocks worth N8.8 billion traded in 9,554 deals last Friday, indicating a decline in the number of deals by 6.02 per cent, and a rise in the trading volume and value by 18.24 per cent and 56.82 per cent apiece.

Sterling Holdings sold 66.0 million shares worth N216.6 million to top the activity chart, Transcorp exchanged 62.2 million equities valued at N225.6 million, Unity Bank traded 59.7 million equities worth N80.0 million, Access Holdings exchanged 51.1 million stocks for N828.8 million, and Universal Insurance transacted 49.8 million equities valued at N12.3 million.