Banking Stocks Rise by 5.8%

equity market

…Push ASI Above 31,000bps

Ade Olulana

Trading activities at the Nigerian equity market ended with banking index leading sectoral performance on Thursday, February 7, with a gain of 5.8% as heavy stocks like Guaranty Trust Bank, GTB (+9.5%) and Zenith (+7.2%) appreciated in price.

The bargain hunting contributed to a sustained growth in the All Share Index (ASI) which rose by 2.0% to settle above 31,000 basis points. Market capitalization also improved to N11.7 trillion as investors’ wealth increased by N228.1 billion turning year-to-date returns into positive territory.

Activity level was positive as volume and value traded both increased 21.8% apiece to 436.7 million units and N5.9 billion respectively.

Following growth recorded in the banking index, was the Consumer Goods and Industrial Goods indices. They rose by 3.4% and 1.5% respectively as prices of Nestle (+0.7%), Dangote Sugar (+6.3%), Dangote Cement (+1.2%) and Lafarge WAPCO (+2.5%) appreciated.

Furthermore, the Oil & Gas index reversed its bearish performance, up 0.8% as Forte Oil (+10.0%) and Oando (+1.0%) advanced. Lastly, the insurance index improved by 0.5% driven by AIICO (+7.1%).

Banking stocks also led both the top traded stocks by volume and value as UBA (136.8m), Zenith Bank (63.4m) and Access Bank (44.4m) were the top traded stocks by volume, while Zenith Bank (N1.5bn), Guaranty Trust, GTB (N1.2bn) and UBA (N987.1m) were the top traded stocks by value.

Investor sentiment improved significantly as 25 stocks appreciated while 12 stocks declined. Forte Oil (+10.0%), Unity Bank (+9.8%) and GTB (+9.5%) were the top performers while the worst performing stocks were Transnational Express (-8.7%), Royal Exchange (-7.1%) and Learn Africa (-6.7%).

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