Banking stocks propel market rebound as benchmark index climbs

banking stocks

The Nigerian equity market continued its upward momentum from the previous session, with the benchmark index rising by 0.23 per cent to close at 100,299.48 points, thanks to banking stocks.

Banking Stocks Drive Market Gains

Sustained investor interest in GTCO and Zenith Bank, coupled with renewed enthusiasm for FBN Holdings, pushed the broader index into positive territory.

Year-to-Date Returns Reach 34.14%

As a result, the year-to-date return increased to 34.14 per cent, while market capitalisation gained N131.08 billion, closing at N56.74 trillion.

Also Read: Bulls lead N25.72bn market gain despite Naira’s fall to N1,509.45/$

Trading Volume Surges to 352.20 Million Shares

An analysis of today’s market activities showed a higher trade turnover compared to the previous session. A total of 342.20 million units of shares valued at N4.75 billion were exchanged in 7,592 deals. Fidelity Bank led both the volume and value charts, with 137.64 million units traded in deals worth N1.42 billion.

Market Breadth Closes Positive

The market breadth closed positive with a 1.47-to-1 ratio, as advancing issues outnumbered declining ones. Cornerstone Insurance topped the gainers’ list with a 9.57 per cent increase, while UPL led the laggards’ table along with 18 other declining stocks.

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