NGX: Banking Stocks Lead Gainers As ASI Gains 1.63%

The NGX witnessed a resurgence today, shaking off the week’s bearish trend. Banking stocks spearheaded the rally, propelling the All-Share Index to a notable 1.63% gain, closing at 102,802.25 points.

GTCO, Zenith Bank, and Access Bank led the bullish charge with gains of 10%, 9.97%, and 9.91%, respectively.

The market exhibited a positive breadth, boasting 53 gainers against 18 losers. This robust performance resulted in a substantial market cap appreciation of N902 billion, reaching N56.26 trillion from the previous day’s N55.358 trillion.

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Trading activity saw a 14.9% surge in volume, totaling 861.01 million units, while the value experienced a 45.9% decline to N12.16 billion. Noteworthy is the volatility showcased in the day’s trading, with the lowest point at 100,573.39 points and the highest at 102,818.72 points.

The gainers’ chart was dominated by GTCO and CHAMS, both recording impressive 10% increases in their stock prices. Closely following were CAVERTON, VERiTASKAP, and NASCON, contributing to the positive market sentiment.

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Despite some stocks experiencing losses, the overall market sentiment for high-value stocks, including GTCO and Zenith Bank, remained positive. Notably, UNIVINSURE, TRANSCORP, and ZENITHBANK were the most traded stocks by volume, while ZENITHBANK, UBA, and GTCO led in terms of traded value.

In the SWOOT and FUGAZ categories, GTCO, ZENITHBANK, and BUAFOODS gained, while MTNN faced a minor setback. Other key players like AIRTELAFRI, BUACEMENT, DANGCEM, SEPLAT, and GEEREGU maintained stability.

The tier-1 banks, UBA, FBNH, and ACCESSCORP, displayed phenomenal gains, contributing to the overall positive market performance. Investors are now keenly observing whether this resurgence is a temporary bounce or indicative of a more sustained upward trend in the NGX.

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