Banking, Industrial Stocks Drive N5bn Market Gain

The banking and industrial indices drove a N5.13bn gain for stock investors amidst negative market sentiment.

Nineteen stocks recorded losses at the end of trading on the floor of the Nigerian Exchange Limited as against 17 gainers.

The NGX All-Share Index saw a marginal 0.03 per cent increase to close the day at 38,927.83 basis points from the previous day’s 38,917.99bps.

The market capitalisation of equities listed on the NGX rose to N20.28tn at the end of trading on Wednesday.

The NGX Banking Index appreciated by 0.56 per cent to close at 380.46bps while the NGX Industrial Index also increased to 1,970.17bps.

The NGX Oil & Gas and the Insurance indices dropped while the Consumer Goods index closed flat.

Trading volume decreased by 10.87 per cent from 231.46 million shares valued at N2.13bn exchanged in 4,651 deals on Tuesday to 206.29 million shares worth N1.07bn traded in 3,435 deals on Wednesday.

Sovereign Trust Insurance Plc saw the highest loss with a 7.14 per cent drop, closing at N0.26 per share. It was followed by Regency Alliance Insurance Plc, whose share price decreased by 6.67 per cent.

Other losers were Unity Bank Plc (-5.00 per cent), Jaiz Bank Plc (-4.84 per cent) and Caverton Offshore Support Group Plc (-4.26 per cent).

The gainers’ chart was led by Cutix Plc as it rose by 10.00 per cent to close at N5.50 per share.

Veritas Kapital Assurance Plc appreciated by 8.70 per cent to N0.25 per share, ending in the second position. Tripple Gee and Company Plc, Presco Plc and Nigerian Aviation Handling Company Plc gained 7.78 per cent, 3.71 per cent and 2.44 per cent respectively.