Financial Stocks Drive Market Performance as Bulls Resurface

Financial Stocks Drive Market Performance as Bulls Resurface

By Dipo Olowookere Gains recorded by financial stocks, especially shares in the banking sector, lifted the equities market on Thursday, reversing the loss recorded on Wednesday.

The stock market rose yesterday by 0.21 percent following gains reported by 24 stocks buoyed by the return of positive sentiment to the market.

At the close of transactions, the Nigerian Stock Exchange (NSE) Year-to-Date returns finished at 4.06 percent as investors embark on buying pressure.

Business Post reports that the All-Share Index (ASI) increased by 76.08 points to close at 36,688.91 points, while the market capitalisation added N129 billion to expand to N13.392 trillion.

The activity chart was topped on Thursday by the Financial Services sector, which sold 135.2 million shares for N1.4 billion and was followed by the Services sector, which traded 134.9 million shares worth N789 million.

NAHCO was the most traded stock at the market yesterday with a total of 130.6 million units sold for N777.3 million.

It was followed by United Bank for Africa, which traded 28.7 million shares valued at N271 million, and FBN Holdings, which transacted 26 million equities worth N258.7 million.

Union Diagnostic & Clinical Services traded 14.8 million shares valued at N4.5 million, while GTBank exchanged 13.9 million units for N556 million.

There was an improvement in the volume of shares transacted at the market yesterday from what was recorded in the previous session.

Business Post reports that the volume of trades on Thursday appreciated by 33.40 percent, while the value went down by 29.14 percent.

A total of 320.5 million shares worth N3.5 billion were traded yesterday compared with the 240.2 million units valued at N5 billion exchanged the previous session.An analysis of the price movement chart indicated that Total Nigeria recorded the highest price appreciation after growing by N5 to settle at N195 per share.Ecobank improved by N1.15k to finish at N21.95k per share, while Zenith Bank went up by 60 kobo to end at N23.65k per share.While United Bank for Africa (UBA) grew by 55 kobo to settle at N9.85k per share, Presco added 45 kobo to its share value to close at N60 per share.Conversely, Nigerian Breweries topped the laggard’s table after depreciating by N3 to close at N100 per share.Guinness Nigeria declined by N2 on Thursday to finish at N94 per share, while Flour Mills went down by N1.55k to end at N27.15k per share.Dangote Cement lost N1 to finish at N230 per share, while Oando depreciated […]

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