Midweek saw a N246 billion increase in the market capitalization of the Nigerian Exchange (NGX) stocks as Tier-1 banks continued to rise. The local bourse’s transaction statistics revealed that the All-Share Index gained 0.44 percent to close at 98,818.04, after opening at 98,383.04.
The market capitalization increased as a result of this gain, closing at N55.899 trillion, up from N55.653 trillion on Tuesday, or N246 billion, or 0.44 percent.
The return for the year thus far (YTD) increased to 32.16 percent. The market remained positive due to the ongoing demand for Tier-One banking equities, which included International Breweries, Dangote Sugar, Oando Plc, and Guaranty Trust Holding Company (GTCO), Zenith Bank, and FBN Holdings, among others.
The market breadth remained positive, with 31 gainers and 15 losers. Abbey Mortgage Bank led the gainers’ chart with a 9.66 per cent increase to close at N2.70 per share.
National Salt Company of Nigeria (NASCON) followed with a similar percentage increase, closing at N40.85 per share. FCMB gained 9.63 per cent to close at N7.40, International Breweries advanced by 9.59 percent to close at four Naira.
Also, Dangote Sugar grew by 9.56 percent to close at N47 per share. On the flip side, International Energy Insurance led the losers’ chart with a 9.68 percent decrease to close at N1.40 per share.
Jaiz Bank trailed with a 6.52 percent decline to close at N2.15 per share. Tantalizer lost six percent to close at 47k, and Nigerian Police Force Microfinance Bank declined by 5.88 percent to close at N1.60 per share.
Fidson Healthcare Plc went down by 5.40 percent to close at N14.90 per share. Trade turnover settled lower relative to the previous session, with the value of transactions down by 27.60 percent. GTCO’s Market Value Falls 31% Below 52-Week High
A total of 518.95 million shares valued at N4.77 billion were exchanged in 7,781 deals, compared to 559.61 million shares valued at N6.58 billion exchanged in 7,990 deals on Tuesday. Abbey Mortgage Bank led the volume chart for the second time with 230.35 million shares valued at N621.91 million.
Access Corporation followed with 80.99 million shares worth 1.39 billion, while United Bank for Africa (UBA) traded 23.90 million shares valued at N541.69 million. FCMB also transacted 18.66 million shares worth N133.16 million, while Fidelity Bank sold 16.38 million shares valued at N154.84 million.
