Zenith Bank, UBA, others most active as investors smile to Bank

Zenith, Sterling Bank, and UBA were the most active to boost market turnover at the close of trading on Monday as Nigerian stock market gained N297.32 billion and market capitalization rose to N14.402 trillion.

Both Zenith Bank Plc and GTBank Plc topped the market value list.

Similarly, the benchmark All Share Index recorded an impressive 2.11 per cent increase to close at 27,554.49, a three-month high.

Market turnover improved as volume and value traded increased by 31.38 per cent and 72.66 per cent respectively to 603.9 million and N7.42 billion in 5,984 deals.

Investor sentiment as measured by market breadth, was positive as 36 stocks advanced against 10 decliners. Guinness (+7.14%) led the gainer’s chart for the day, while Oando (-8.73%) finished the top loser.

Sector performance was bullish as all indices appreciated, led by a striking 3.37 per cent gain in the Banking Index.

NSE Banking Index recorded an impressive 3.37% gain, on positive sentiments in Fidelity (+8.33%), FBN (+6.73%), and Zenith bank (+5.26%).

NSE Insurance Index uP by 2.04 per cent, on price appreciation in WAPIC (+8.33%), AIICO (+6.33%), and Custodian (+2.88%)

NSE Oil & Gas Index increased by 0.84 per cent, on the back of the gains in ARDOVA (+6.36%), and SEPLAT (+2.50%). NSE Industrial Index: Up 0.38%, on WAPCO (+5.61%) upturn.

Nigerian Stocks fired up on all cylinders, amid buying pressures from top NSE30 Stocks like Airtel and MTN Nigeria.

Also, local investors caught the bullish trend wagon global equities, on the back of the news that, the world’s most powerful political leader, could be discharged from hospital later in the day, easing some of the uncertainty that shook global financial markets in the previous session.

In addition, Nigerian oil stocks like Seplat gained relatively with Brent crude prices trading above $40/ barrel and U.S. West Texas.