Gains in Tier-1 banking stocks lift market indices

The equity market rebounded on Thursday as it recorded N84 billion gains, following investors interest in Tier-one banking stocks.

The market capitalisation gained N84 billion or 0.29 per cent to close at N28.733 trillion, compared to N28.649 trillion.

Also, the benchmark All-Share Index increased by 153.31 points or 0.29 per cent to close at 52,752.96 from N52,599.65.

The upturn was impacted by gains recorded in medium and large capitalised stocks which included Tier-1 banking, among which are Zenith Bank, Stanbic and Access Holdings.

Consequently, the year-to-date return rose to 2.93 per cent.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 24.84 per cent.

A total of 139.68 million shares valued at N2.02 billion were exchanged in 3,549 deals.

Market breadth closed positive at 22 stocks as against five that declined.

A breakdown of price movement showed that Geregu Power topped the gainers’ table with a gain of 10 per cent to close at N147.40 per share.

Wapic Insurance trailed with a gain of 9.76 per cent to close at 45k, while Chellarams rose by 9.7 per cent to close at N1.81, per share.

International Energy Insurance was up by 9.43 per cent to close at 58k, while Tripple G gained 9.09 per cent to close at 96k per share.

Conversely, RT Briscoe led the losers’ table, dropping by 9.09 per cent to close at 30k, per share.

Royal Exchange followed with a loss of 8.24 per cent to close at 78k, while Courteville Business Solutions declined by 7.84 per cent to close at 47k, per share.

Linkage Assurance decreased by four per cent to close at 48k, while Transcorp fell by 0.82 per cent to close at N1.21 per share.

Analysis of Thursday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 4.77 per cent.

A total of 486.67 million shares valued at N3.83 billion were exchanged in 3,875 deals.