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 a N17.96 billion profit.

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

The All-Share Index also advanced by 0.03 percent, 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 percent.

Buy interest in the stocks of Zenith Bank, Access Corporation, United Bank of Africa (UBA), Guaranty Trust Holding Company (GTCO), LearnAfrica, Unilever, and 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 percent to close at N30.80, Sovereign Trust trailed by 9.52 percent to close at 38k, and Honeywell Flour lost 8.23 percent to close at N3.01 per share.

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

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

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

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

Analysis of the market activity revealed that trade turnover was 81.56 percent 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 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.