Banking Stocks Push N174bn Market Gain

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Banking Stocks Push N174bn Market Gain

 

By Bidemi Ayodeji

 

The stock market observed a recoil on Thursday as investors gained N174.4bn on the back of gains in the banking sector.

Inquisitors at Afrinvest Securities Limited said ‘major price appreciation in Guaranty Trust Bank Plc, Zenith Bank Plc and Access Bank Plc drove the All-Share Index up by 17 basis points to 28,140.41bps’.

The year-to-date return improved to 4.8 per cent which makes the market capitalisation rose from N14.47tn to N14.50tn.

Moreover, activity level get weaked as the value traded market fell by 9.4 per cent and 19.9 per cent to 317.19 million units and N3.43bn discretely.

Banking and insurance indices led gainers, up by 3.54 per cent and 0.11 per cent  respectively.

However, the industrial goods index has been declined  due to major price depreciation in BUA Cement Plc.

Major losses in Nascon Allied Industries Plc, International Breweries Plc and MTN Nigeria Communications Plc dragged the AFR-ICT and consumer goods indices down by 0.68 per cent and 0.12 per cent respectively.

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