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Market remains positive as banking stocks rally

By on March 4, 2015

The Nigerian equities market began the month of March with a positive performance as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.54 per cent to close at 30,267.18. The market rallied in the past two weeks to close February with a growth of 1.8 per cent compared with a decline of 14.7 per cent in January.  When trading commenced yesterday for the new month, the ASI closed with a gain of 0.54 per cent, while market capitalisation added N54.4 billion to close at N10.1 trillion.

The positive performance resulted from the rally by the banking sub-sector as many of the equities in the sector appreciated. This made the NSE Banking Index to appreciate by 1.8 per cent.  The banking subsector was trailed by consumer goods with the NSE Consumer Goods Index rising by 0.7 per cent.  However, the NSE Oil/Gas Index declined by  0.4 per cent on profit taking  by investors in Conoil Plc and Forte Oil Plc, which shed  2.1 per cent and 1.6 per cent  respectively. The NSE Insurance Index closed negatively too with 0.4 per cent, while the NSE Industrial Goods Index was flat.

The 0.54 per cent recorded by the ASI reduced the year-to-date decline o of the market gauge to 12.7 per cent. In all, 26 stocks appreciated with the banking subsector accounting for 10 stocks. They included Diamond Bank (4.3 per cent); First City Monument Bank Plc (3.2 per cent); Skye Bank Plc, Guaranty Trust Bank (2.9 per cent apiece); FBN Holdings  Plc (2.6 per cent); Union Bank of Nigeria Plc ( 2.3 per cent); United Bank for Africa Plc (1.7 per cent); Access Bank Plc (1.5 per cent); Zenith Bank Plc (1.4 per cent); Wema Bank Plc (1.03 per cent) and Ecobank Transnational Incorporated (0.55 per cent).

However,  Redstar Express Plc led the price gainers’ table with 5.8 per cent, followed by Academy Press Plc with 4.9 per cent.
Conversely,  UAC of Nigeria Plc led the price losers with 4.9 per cent, trailed by NEM Insurance Plc with 4.8 per cent.

 

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