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Banking stocks push NSE Index higher by 0.5%

By Peter Egwuatu

The bullish streak on the Nigerian Stock Exchange, NSE Continued Wednesday as the equity market performed positively, rising 0.5 percent to close at 30,878.56 points following gains in banking stocks.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

Specifically, Guaranty Trust Bank, GTBank  gained +2.8 percent followed by Zenith  Bank rising by +0.9 percent  and Fidelity Bank surged  by  +9.6 percent.

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Consequent, Year to Date, YtD loss improved to -1.8 percent while market capitalization increased by N52.8billion to settle at N11.5trillion. Activity level also strengthened as volume and value traded advanced 53.5 percent and 21.5 percent to 376.3millionunits and N 2.9billion respectively.

The top traded stocks by volume were Access Bank (155.8million units), UBA (62.1million units) and FCMB (32.6million units); while the top traded stocks by value were Access Bank (N875.2million), Zenith Bank (N678.8million) and UBA (N450.8million).

Despite the positive performance of the broader market four of five sectors indices closed in the red. The Banking Index was the lone gainer advancing 1.6 percent following gains in GTBank (+2.8 percent), Zenith Bank (+0.9 percent) and Fidelity Bank (+9.6 percent).

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On the flip side, the Insurance index shed 0.2 percent  dragged by NEM (-4.4 percent ) and Sovereign Insurance  (-4.6 percent ); while the Oil & Gas index declined by 0.1 percent  due to profit taking activities in Forte Oil  (-1.7percent ).

Similarly, the Industrial Goods (-4 bases points, bps) and Consumer Goods (-1bp) indices closed flattish, albeit negative, as price depreciation in WAPCO (-0.4 percent), Dangote Flour (-1.6 percent) and Honeywell Flour (-1.6 percent) weighed on the indices.

Investor sentiment as measured by market breadth showed that 21 stocks advanced against 10 stocks that declined. The outperforming stocks for the day were FIRST Aluminium (+9.7 percent), Fidelity Bank (+9.6 percent) and UNION DAC (+7.7 percent) while the least performing stocks for the day were RESORT (-8.3 percent ), Sovereign Insurance  (-4.6 percent ) and UACN (-4.5 percent ).

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Analysts at Afrinvest Research stated: “We believe the local bourse may continue to witness buying interest in subsequent sessions as some investors take advantage of the cheap valuation of fundamentally good stocks. Nevertheless, we do not rule out the possibility of speculative trading buoying performance in the near term.”

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