NGX Rises As Banking Stocks Rally

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

The Nigerian Exchange (NGX) continues to rise as banking stocks soar ahead of the Central Bank’s monetary policy committee’s announcement on key policy rates.

The purchasing activity in a few banking names propelled the stock market indices, increasing year-to-date gains to 2.67% as Nigeria’s headline inflation rate accelerates rapidly.

Indicators of market performance increased by +0.48%. To conclude at 52,621.19, the market index or All-Share Index rose by 252.06 basis points.

The overall amount traded climbed by 11.2% to 350.97 million units, priced at N5.17 billion, and exchanged in 5,946 deals, indicating an improvement in market activity. A total of 62.45 million units of UBA stock were exchanged today, while N1.58 billion worth of ZENITHBANK shares was the most actively traded.

Market mood was upbeat (2.2x), according to market breadth, as 33 tickers gained contrasted to 15 losers. STANBIC increased by 5.3%, FBNH increased by 7.5%, and ZENITHBANK increased by 2.1%.

The day’s biggest winners were TRANSCORP (+9.9%) and TRIPPLEG (+9.8%), while the biggest losers were CHELLARAM (–9.9%) and SUNUASSUR (–9.4%).

The Banking (+1.6%) and Consumer Goods (+0.4%) indexes registered increases, while the Industrial Goods, Insurance, and Oil & Gas indices were steady. Overall performance was mixed.

Globally, the value of the stock market increased by 137.25 billion dollars to close at 28,652.56 trillion, up from 28,515.31 trillion yesterday.

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