The Nigerian equities market continued its positive run Monday helped by appreciation recorded in the share prices of Skye Bank Plc, FBN Holding Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, Access Bank Plc, First City Monument Bank Plc, Union Bank of Nigeria Plc and Fidelity Bank, amongst others.
The renewed interest in banking stocks is largely due to the expected 2012 full-year results that investors believe will be robust.
Consequently, the Nigerian Stock Exchange (NSE) benchmark All-Share Index (ASI) gained 0.37 per cent to close at 29,309.70, compared with the appreciation of 1.76 per cent recorded last Friday. Also, the market capitalisation of listed equities went up by 0.37 per cent to close at N9.37 trillion.
Skye Bank recorded the highest price gain of N0.45 to close at N5.89. Diamond Bank rose by N0.37, while FBN Holdings Plc appreciated by N0.30 to close at N17.50 per share. First City Monument Bank Plc garnered N0.13, just as Fidelity Bank Plc chalked up N0.12, amongst others.
The banking sector maintained its lead as the most active stocks in terms of the number of shares sold. It led the equities sector with a turnover of 293.78 million shares valued at N2.37 billion made in 2, 955 deals. The volume of shares sold in the banking sector was largely driven by the activity in the shares of United Bank for Africa Plc, Sterling Bank Plc, Fidelity Bank Plc and Guaranty Trust Bank Plc.
Trading on the shares of the four banks accounted for 189.7 million shares or 64.58 per cent of the subsectors turnover.
Also, trading commenced on the shares of UBA Capital Plc and Africa Prudential Registrars Plc with Afriland Properties set to be listed at a future date.
The three companies were spun off from UBA Plc to hold non-commercial banking business of the bank.
Transfer ratio showed that for every 33 units of UBA held pre-scheme, shareholders get four UBA Capital, one African Prudential Registrars Limited one of Afriland Properties while the old UBA Holdings Plc remains intact.