Banking Stocks Propel NGX To A N96.78bn Gain

The Nigerian Exchange Limited (NGX) saw a resurgence of bullish activity on Wednesday, as the All Share Index (ASI) recorded a 0.18 percent increase, translating to a collective gain of N96.78 billion in investor wealth.

This marks the first positive performance for the week, driven largely by renewed investor interest in banking stocks, including Sterling Bank, GTCO, Zenith Bank, and Access Corp. Other notable stocks such as Oando, United Capital, and MTN Nigeria also saw significant appreciation.

The ASI climbed by 170.46 basis points, closing the day at 97,098.98 points, up from an opening value of 96,928.52 points. Market capitalisation rose in tandem, reaching N55.150 trillion from N55.033 trillion.

Wednesday’s trading session was marked by a robust activity, with 636.5 million shares worth N12.77 billion exchanged across 9,744 transactions. This represents a 42 percent increase in volume, a 90 percent surge in turnover, and a four percent rise in the number of deals compared to the previous trading day.

Accesscorp led the market in terms of volume, trading 112.6 million shares valued at N2.10 billion. United Capital followed with 74.42 million shares worth N1.19 billion, while GTCO traded 74.3 million shares at a total value of N3.33 billion.

Out of the 119 equities that participated in Wednesday’s trading, 27 stocks appreciated, while 23 declined. Red Star Express led the gainers with a 10 percent increase, closing at N4.18 per share. Oando followed closely, gaining 9.98 percent to close at N33.60 per share, while RTBRISCOE saw a 9.90 percent rise, ending the day at N1.11 per share.

On the losing side, Neimeth Pharmaceuticals fell by 7.69 percent, closing at N1.80 per share. Honeywell Flour Mills dropped 6.10 percent to N3.85 per share, while Sovereign Trust Insurance (Sovrenins) declined by 5.56 percent, closing at N0.51 per share.