Banking Stocks boosts market gains by 1.25 percent

The equities market on Monday sustained the gains garnered last Friday to post a growth of 1.25 percent in market indicators.

The growth was prevalent on increasing bargain hunting in banking stocks, buoying the banking index that led other sector gainers with a growth of 4.04 percent. Other Sector gainers were the ASeM that grew 2.27 percent, the Pension Index added 1.9 percent, Premium Index added 1.80 percent and the NSE 30 increased 1.3 percent.

Gains in Dangote Cement also increased the Industrial Index by 0.59 percent, however, the Oil and Gas Index fell 0.27 percent on the back of profit taking in Oando and Forte Oil, while decline in stock prices of Cadbury, Dangote Flour and 7up dragged the Consumer goods Index down by 0.18 percent

Consequently, the Nigerian Stock Exchange’ All Share Index (NSEASI) added 328.83 points to close at 26,580.22 points compared to 39.3 points gained previously to close at 26,251.39 points.

The market capitalization also added N113.1 billion to close at N9.146 trillion, in comparison with N13.5 billion added previously when the market capitalization closed at N9.032 trillion.

Market Statisitics showed investor sentiments turned positive as market breadth closed with 20 gainers against 16 losers.

UCAP for the second consecutive trading session, led the advancing stocks by 9.60 percent to close at N3.31 per share, FCMB also followed with an increase of 9.40 percent to close at N1.28 per share, Fidelity Bank grew 8.43 percent to close at 90 kobo per share, Sterling Bank appreciated 7.14 percent to close at 75 kobo per share and Afri Prudential Registrars gained 5.63 percent to close at N3.19 per share.

On the flip side Cadbury, 7up descended by 5 percent to close at N122.55, Ashaka Cement dropped 4.99 percent to close at N10.86 per share, Cadbury fell 4.95 percent to close at 9.03 per share, Capital Hotel depreciated 4.86 percent to close at N3.33 per share and Nigerian Aviation Handling Company of Nigeria (NAHCO) completed the list of top five declining stocks to close at N2.59 following a decline of 4.78 percent.

A cumulative overview of the day’s transactions show that investors in 3,423 deals traded 219 million units of shares valued at N1.4 billion.

Banking stocks retained their positions at the top of activity chart, as Fidelity Bank emerged the topmost traded stock with 33.9 million shares worth N30.2 million. Access Bank followed with 29.2 million shares worth N189.7 million while UCAP was next with 19.7 million shares amounting to N64.6 million.

FBN Holdings came fourth on the day’s activity chart having traded 16.8 million units of shares valued at N59.9 million while UBA was fifth with 15.8 million shares worth N77.2 million.