Nigerian banking stocks ignore red flags, boost Nigeria Stock Market

The Nigerian bourse extended its upward momentum, as the All Share Index closed at 22,727.87 from 22,616.28 index points. Market capitalization similarly increased by 0.49% to close at N11.844 trillion.

Activity levels closed strong compared to the previous trading session, with total volume and value increasing significantly by 146.60% and 106.56% to close at 266 million units and N2.75billion respectively.

UBA (+0.85%) was the most traded stock by volume at 48.83 million units, followed by FBNH (+2.30%) with 39.12 million units of trades. Market sentiment, as measured by market breadth, was positive with 18 gainers against 10 losers.

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On the sectoral front, three out of the five indices under our coverage posted gains. Price appreciation in GUARANTY (+5.00%), ZENITHBANK (+4.58%), and FBNH (+2.30%) spurred the lenders up by 2.83%, followed by the Insurance and Consumer Goods indices appreciating by 0.52% and 0.32% respectively, on gains recorded in CORNERST (+9.26%), DANGSUGAR (+3.75%), and NESTLE (+0.87%).

(READ MORE: Banking stocks lay anchor on the shaky waters of Nigerian stock market)

Conversely, price decline in WAPCO (-2.18%) and OANDO (-1.67%) closed the Industrial and Oil & Gas sectors by -0.22% and -0.17% respectively.

Top gainers

FCMB up 6.25% to close at N1.7; GUARANTY up 5.00% to close at N21; ZENITHBANK up 4.58% to close at N14.85; DANGSUGAR up 3.75% to close at N12.45; and NESTLE up 1.12% to close at N920.2.

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Top losers

AFRIPRUD down 5.95% to close at N3.48; CAVERTON down N2.47 4.86% to close at N2.35; INTBREW down 4.17% to close at N4.6; UNILEVER down 4.55% to close at N10.5; and WAPCO down 2.18% to close at N11.2.