Banking Sector, Industrial Goods End Investors’ Loss At NSE

After weeks of losses, the Nigerian Stock Exchange on Wednesday pulled an impressive performance following buying interest in Zenith Bank Plc, Guaranty Trust Bank Plc and Lafarge Africa Plc.

The banking index and the consumer goods index had saved the bourse on Tuesday from weeks long bearish streak, as investors gained N5.6bn, while market capitalisation rose to N21trn.

Last week alone, investors lost N130bn as market capitalisation fell N21.026trn, from the N21.156trn recorded in the previous week, while the All Share Index plunged 40,186.70.

During the first trading day on Monday, investors lost N17.1bn following sell pressures.

With another impressive performance on Wednesday from Zenith, WAPCO and GTB, investors pulled another N29.5bn by the close of trade.

Consequently, the market capitalisation rose by 0.14 per cent to N21.043trn, while ASI rose to 40,221.3, from the 40,164.86 recorded on Tuesday.

A total of 469.6 million units of shares worth N7.1bn were traded, up from the 338.0 million units valued N3.8bn which was traded Tuesday.

Zenith Bank led the most traded stocks by volume with 154.6m units, GTB followed with 48.8m units and First Bank traded 25.3m units.

By value, Zenith outperformed other stocks by 4.1bn, GTB pulled N1.5bn and First Bank recorded N185.6m.

The banking and oil & gas indices rose 0.8 per cent respectively due to buying interest in Zenith Bank by 1.2 per cent, GTB 1.0 per cent, Oando PLC 10.0 per cent and Japaul Oil & Maritime Services Plc by 9.2 per cent.

The industrial goods surged by 0.2 per cent following gains in  WAPCO by 3.5 per cent.

But the insurance index led losers, as it fell 1.9 per cent due to sell-offs in WAPIC -6.9 per cent, Cornerstone Insurance Plc -7.8 per cent and AXA Mansard Insurance -1.8 per cent.

Also, consumer goods and AFR-ICT indices closed lower at 0.3 per cent and 3bps respectively following price depreciation in Flour Mills of Nigeria Plc -6.9 per cent and MTN Nigeria -0.1 per cent.