Stock Market Gains N307bn Buoyed by Buy Interest in Banking Stocks

Kayode Tokede

The stock market section of the Nigerian Exchange Limited (NGX) yesterday closed the midweek trading session positive as the overall capitalization rose by N307 billion on investors buying interest in banking stocks.

The gain 3.9 per cent in Guaranty Trust Holding Company Plc, 9.9 per cent appreciation in Ecobank Transnational Incorporated Plc (ET) and 2.1 per cent growth in the stock of Zenith Bank Plc’s impacted on the All Share Index (NGX ASI) that gained by 488.73 basis points or a growth of 0.45 per cent to close at 108,849.83 basis points. 

The increase the bringing the NGX ASI’s Month-to-Date and Year-to-Date returns to +three per cent and +5.8per cent, respectively.

 Also, market capitalisation gained N307 billion to close at N68.412 trillion.

Market breadth remained positive, as 48 stocks advanced while 17 declined. Meyer recorded the highest price gain of 10 per cent to close at N8.80, per share. Beta Glass followed with a gain of 9.98 per cent to close at N146.05, while The Initiates Plc (TIP) rose by 9.95 per cent to close at N6.08, per share.

Vitafoam Nigeria up by 9.94 per cent to close at N55.85, while Skyway Aviation Handling Company gained 9.92 per cent to close at N55.40, per share.

On the other hand, Deap Capital Management and Trust led the losers’ chart by 10 per cent to close at N1.08, per share. Veritas Kapital Assurance followed with a decline of 9.09 per cent to close at N1.00, while Linkage Assurance declined by 6.61 per cent to close at N1.13, per share.

Africa Prudential depreciated by 5.60 per cent to close at N16.00, while UPDC declined by 4.46 per cent to close at N3.00, per share.

Also, the total volume traded increased by 23.56 per cent to 587.472 million units, valued at N18.660 billion, and exchanged in 17,496 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 98.642 million shares valued at N6.569 billion. Tantalizer followed with 75.480 million shares worth N175.215 million, while Fidelity Bank traded 40.468 million shares valued at N816.040 million.

Zenith Bank traded 38.472 million shares valued at N1.872 billion, while Nigerian Breweries sold 30.513 million shares worth N1.638 billion.

On market outlook, Afrinvest Limited said, “we anticipate a bullish close in tomorrow’s trading session on the back of positive Q1 2025 earnings.”