Nigerian Stock Exchange Watch: ASI (+2.03%) Gains Big as Investors Mop up Bank Shares
The All Share index gained major points in today’s trading as Investors showed renewed interest in banking stocks. However the bullish performance of the banking sub-sector was not the only driver of today’s gain, as Dangote Cement (+3.85%) also put up an impressive performance.
Across the banking sub-sector, Zenith Bank (+4.83%) led the gainers, even as no price depreciation was recorded in any participants. The other top-tier banks, GTBank (+4.32%), First Bank (+2.63%), UBA (+3.12%) and Access (+1.44%) recorded mid-to-high level price gains.
The mid-tier banks also recorded similar performance leading to a 3.28% rally of the sub-index.
The Consumer Goods sub-index was up only very marginally at 0.01%. Nigerian Breweries shed 0.39%, whilst Dangote Flour shed 0.19%. Dangote Sugar (+2.42%), NASCON (+4.18%) and Unilever (+1.93%) ensured the scales were tipped in favour of the bulls.
Across the Insurance sub-sector, GTAssure (+4.69%) and Wapic (+3.85%) led, whilst the losses recorded by Goldlink (-5%), Custodian (-4.46%) and Continental Re (-4.05%) ensured the sub-index declined by 0.38%.
The activity chart was dominated by banking stocks even as the volume (-29%) and value (-18%) of shares traded declined when compared to yesterday’s trading.