Stock Market Gains N80bn as Zenith Bank Attracts Investors

By Dipo Olowookere

The stock market in Nigeria gained N80 billion on Friday on the back of the hot demand for banking stocks, which are now trading at higher value.

The banking sector was the best performing yesterday, appreciating by 1.59 per cent, with industrial goods, consumer goods and energy sectors trailing with 0.45 per cent, 0.32 per cent and 0.15 per cent growths respectively. Only the insurance sector depreciated at the session and it dropped 1.70 per cent.

Zenith Bank was the most attractive to investors on Friday, trading 132.3 million units valued at N2.4 billion, while Sterling Bank followed with 83.7 million shares valued at N107.2 million.

UBA transacted 43.3 million stocks for N264.9 million, Access Bank exchanged 40.9 million equities worth N274.0 million, while Fidelity Bank traded 39.4 million shares for N73.1 million.

At the close of business, a total of 260.3 million stocks worth N2.9 billion were traded in 3,604 deals in contrast to the 322.8 million shares worth N4.0 billion traded in 4,046 deals. This indicated 19.34 per cent, 28.90 per cent and 10.92 per cent declines in the trading volume, value and number of deals respectively.

Business Post reports that the All-Share Index (ASI) increased on Friday by 154.01 points to 26,985.77 points from 26,831.76 points, while the market capitalisation grew by N80 billion to N14.105 trillion from N14.025 trillion.

Dangote Cement was the biggest price gainer yesterday for adding N1.10 to its share price to close at N144 per unit and was trailed by MTN Nigeria, which gained N1 to sell for N130 per unit.

GTBank appreciated by 95 kobo to close at N29 per share, Dangote Sugar grew by 50 kobo to N12.90 per unit, while Julius Berger gained 20 kobo to trade at N16.25 per share.

On the flip side, UAC Nigeria was the heaviest price decliner, going down by 45 kobo to N6.50 per share, while Flour Mills dropped 15 kobo to sell for N21.50 per share.

Ecobank depreciated by 10 kobo to trade at N4.10 per unit, FCMB declined by 9 kobo to N2.10 per share, while Cornerstone Insurance fell by 5 kobo to 60 per unit.