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Bank stocks excite investors as indices shed 0.40%

BY PROVIDENCE OBUH
Investors in the stock market have continued to increase  their demand for the shares of banks as volume of shares traded  in the banking sector on Tuesday surpassed other sub-sectors on the sectorial analysis.

However, the market indicators for measuring the performances indices, the market capitalisation and the All share index shed 0.40 per cent each.

Specifically, the capitalisation surged by 34.25 billion to close at N8.541 trillion from N8.575 trillion at which it opened, while the index shed 107.18 bases points to close at 26,723.49 points from 26,830.67 points.

Meanwhile,  total market transaction appreciated by 16.86 per cent, as a turnover of 330.40 million shares valued at N3.28 million was recorded in 6,349 deals, compared to the previous day’s turnover of 282.72 million shares valued at N3.11 million in 5,768 deal.
Banking stocks enjoyed the highest patronage on the sectorial analysis accounting for 73.37 per cent of the market turnover with 242.41 million shares valued at N2.10 billion in 3,829 deals. Guaranty Trust Bank Plc was the most active in the sub-sector trading 29.94 million shares valued at N575.79 million in 701 deals, Zenith Bank Plc followed with the exchange of 29.92 million shares valued at N454.60 million in 390 deals and United Bank for Africa Plc recorded 27.62 million shares valued at N274.32 million in 167 deals.
Insurance stocks came behind on the sectorial analysis accounting for 8.19 per cent of the market turnover with 27.07 million shares valued at N47.01 million in 372 deals.  Custodian and Allied Insurance Plc led in the sub-sector trading 9.78 million shares valued at N31.35 million in 28 deals, AIICO Insurance Plc followed with the exchange of N5.13 million shares valued at N5.14 million in 210 deals and NEM Insurance Company Nigeria Plc recorded 2.79 million shares valued at N1.62 million in 24 deals.

Highly capitalised companies contributted significantly to the decline in the market indices as Royalex Exchange Plc  led the losers’ chart , recording  the highest percentage loss of N0.03 to close at N0.57 per share, United Bank for Africa Plc followed with a loss of N0.52 to close at N9.93 per share and African Petroleum Plc dipped by N1.31 to close at N25.08 per share.

Other share price losers include: Presco Plc N0.37, Dangote Sugar Refinery Plc N0.08, Bags Manufacturing Company Plc N0.17, Nigerian Breweries Plc N4.00, Unity Bank Plc N0.08, Honeywell Flour Mills Plc N0.32, Niger Insurance Plc N0.05, among others.

On the other hand, Airline Services and Logistics Plc led on gainers table with a gain of N0.10 to close at N2.11 per share, Neimeth Inetrnational Pharmaceutical Plc followed a loss of N0.06 to close at N1.27 per share and Afromedia Plc garnered N0.03 to close at N0.65 per share.


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.