NSE: Market rallies marginally on increased demand for bank stocks

The Nigerian equity market rebounded today after a loss at Wednesday trade largely by reason of aggregate gain recorded by a number of blue-chip bank stocks.

It witnessed a positive market breadth as 24 gainers emerged against 8 losers.

The Insurance Index inched up by 1.89% to close at 116.59 basis points while the Banking Index appreciated by 5.99% to close at 239.97.

However, the Oil and Gas Index lost 0.21% to close at 212.39 basis points, the Consumer Goods Index 4.61% to close at 326.79 basis points and the Industrial Index 0.61 to close at 1,040.41 basis points.

The All Share Index (ASI) added up 0.16% to close at 21,757.47 basis points. Market Capitalisation fell to N11.339 trillion at the end of today’s trade. Year to date, the index is down by 18.94%.

TOP 5 GAINERS

Morison led advancers, appreciating by 0.55% to close at N10. UCAP 10% to end today’s trade at N2.2. Union Bank went up by 10% to N6.60. Transcorp advanced to N0.67, notching up 9.84% in the process. Access completed the top 5, climbing by 9.82% to close at N6.15.

TOP 5 LOSERS

Nestle was the worst performing stock today, declining by 10% to close at N765. GSK shed 7.89% to close at N3.50. Julius Berger fell to N22, losing 7.17%. Stanbic dipped to N24.30, recording 6.90% depreciation. Oando closed at N2.15, going down by 2.27%.

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TOP 5 TRADES

172.164 million shares estimated at N1.887 billion were traded today in 3,542 deals.

Zenith was the most active stock today with 40.604 million units of its stocks worth N488.841 million traded in 558 deals. 15.949 million units of UBA shares priced at N79.338 million exchanged hands in 305 transactions. Sterling Bank had 13,187 million shares valued at N13.677 million traded in 368 deals. FCMB traded 12.300 million shares estimated at N18.496 million in 65 transactions. Access Bank traded 10.272 million shares valued at N61.155 million in 166 deals.

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