Business

Banks rebound as NGX appreciates by 0.66% to close at 82,565.26 points

Published

12 months ago

January 11, 2024

NGX has rebounded from its cool-off on Wednesday as the All-Share Index appreciated by 0.66 per cent, gaining 540.88 points to close at 82,565.26 points.

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The NGX has rebounded from its cool-off on Wednesday as the All-Share Index appreciated by 0.66 per cent, gaining 540.88 points to close at 82,565.26 points.

Banking stocks were the major drivers of the bullish run, as FBNH (+6.78 per cent), GTCO (+2.27 per cent), UBA (+4.94 per cent), and ZENITHBANK (+1.99 per cent) recorded remarkable gains.

The market breadth was also positive as there were 48 gainers, against 22 losers.

Equities gained N314 billion, as the market capitalization appreciated by 0.66 per cent to close at N45.199 trillion, up from Wednesday’s N44.885 trillion.

There was a 46.5 per cent decline in trading volume to 877.28 million units, from Wednesday’s 1.641 billion units. In terms of value, there was also a 43.2 per cent decline in trading value to N14.41 billion, from Wednesday’s N25.38 billion.

In terms of volume, TRANSCORP (+4.12 per cent) led with 74.535 million units, followed by STERLINGNG (+3.32 per cent) with 54.324 million units, ACCESSCORP (+1.08 per cent) with 54.118 million units, AIICO (+3.17 per cent) to close at 53.904 million units, and UBA (+4.94 per cent) with 52.274 million units.

In terms of value, ZENITHBANK (+1.99 per cent) led with N1.98 billion, followed by UBA (+4.94 per cent) with N1.57 billion, ACCESSCORP (+1.08 per cent) with N1.51 billion, MTNN (+0.35 per cent) with N963.33 million, and TRANSCORP (+4.12 per cent) with N935.42 million.

The trading sentiment was positive for stocks worth over N1 trillion, as MTNN (+0.35 per cent), ZENITHBANK (+1.99 per cent), UBA (+4.94 per cent), BUACEMENT (+0.54 per cent), and GTCO (+2.27 per cent) recorded price gains. While DANGCEM, BUAFOODS, AIRTELAFRI, and SEPLAT recorded no price changes.

ACCESSCORP appreciated by 1.08 per cent to cross over into the N1 trillion market capitalization level today. FBNH also appreciated by 6.78 per cent to hit a market capitalization of N989 billion, N11 billion shy of the N1 trillion mark.