Investors’ demand for banking stocks yields N18bn profit

The stock market recorded an upturn due to increased investor demand for banking stocks and other medium-capitalised entities on Thursday, which led to N17.96 billion profit.

Specifically, the market capitalisation, which opened at N54.552 trillion, gained N18 billion or 0.03 per cent to close at N55.570 trillion.

The All-Share Index also advanced by 0.03 per cent or 32 points to close at 98,255.72 as against 98,223.97 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return increased to 31.40 per cent.

Buy interest in the stocks of Zenith Bank, Access Corporation and United Bank of Africa (UBA) Guaranty Trust Holding Company (GTCO), LearnAfrica, Unilever, NGXGroup, among other advanced equities, pulled the market performance up.

Meanwhile, market breadth closed negative with 23 losers and 22 gainers on the floor of the Exchange.

On the losers’ table, PZ led by 9.94 per cent to close at N30.80, Sovereign Trust trailed by 9.52 per cent to close at 38k, while Honeywell Flour lost 8.23 per cent to close at N3.01 per share.

Africa Prudential shed 5.84 per cent to close at N6.45, while Jaiz Bank dropped five per cent to close at N2.28 per share.

On the other side, LearnAfrica led the gainers table by 10 per cent to close at N3.30.

Tantalizers followed by 7.69 per cent to close at 42k and Mutual Benefits rose by 5.45 per cent to close at 58k per share.

GTCO also advanced by 5.26 per cent to close at N40 and Oando Plc added 4.90 per cent to close at N10.70 per share.

Analysis of the market activity revealed that trade turnover settled 81.56 per cent higher than the previous session.

A total of 676.42 million shares valued at N16.66 billion were exchanged in 8,415 deals, in contrast to 319.08 million shares worth N9.18 billion in 8,121 deals on Wednesday.

Nigerian Breweries led the activity table in volume and value table with 300.36 million shares valued at N6.91 billion, UBA followed with 13.09 million shares worth N3.39 billion.

GTCO traded 47.63 million shares valued at N1.91 billion, Zenith Bank sold 33.95 million shares worth N1.16 billion and Transnational Corporation transacted 24.80 million shares worth N315.49 million.