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Bank stocks help equities to halt 10-day slide

By on October 22, 2014

Nine bank stocks and 26 other equities recorded gains on Monday as equities rallied to halt a 10-day slide, which saw the market capitalisation of the listed equities shed N995bn and the Nigerian Stock Exchange All Share Index decline by 3,012.37 basis points or 7.3 per cent.

Of the bank stocks, United Bank for Africa appreciated the most. It gained 9.07 per cent or 48 kobo to close at N5.77 per share.

FBN Holdings Plc, parent company of First Bank of Nigeria Limited, was up by 6.61 per cent; Union Bank of Nigeria Plc advanced by five per cent, while Diamond Bank Plc and Access Bank Plc appreciated by 4.97 per cent and 4.96 per cent, respectively.

Others are Skye Bank Plc (4.14 per cent), Zenith Bank Plc (2.80 per cent), Guaranty Trust Bank Plc (2.03 per cent) and Fidelity Bank Plc (0.52 per cent).

Overall, Ikeja Hotel Plc was the top gainer for the day, rising by 10.03 per cent to close at N3.18 per share.

As a result of Monday’s rally, the NSE ASI rose by 464.92 basis points or 1.22 per cent from 38,197.73 basis points to close at 38,662.65 basis points.

The market capitalisation of the listed equities also rose by 1.22 per cent – or N154bn – to close at N12.766tn from N12.612tn, while the NSE 30 Index gained 1.3 per cent or 22.42 basis points.

The banking sub-sector dominated the activity chart, accounting for 36.5 per cent of total turnover volume traded.

In the sub-sector, investors exchanged 129.239 million equities valued at N2.080bn in 1,985 deals with Guaranty Trust Bank, UBA, and Zenith Bank driving volume in the sub-sector.

The performance of the banking stocks was also reflected in the NSE Banking Index, which edged up by 11.11 basis points or 2.9 per cent to close at 395.42 basis points.

It was not all positive, however, as 19 stocks recorded losses.

Cutix Plc was the top loser, shedding 10.64 per cent or 20 kobo to close at N1.68 per share.

May and Baker Nigeria Plc and PZ Cussons Nigeria Plc followed, declining by five per cent and 4.98 per cent to close at N1.71 and N28.82 per share, while Berger Paints Plc and Eterna Plc fell by 4.94 per cent and 4.80 per cent to close at N8.08 and N3.57 per share in that order.

 

 

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