Nigerian Stock Market Rebounds with Banking Stocks Leading Rally

Arewacoolmusic February 01, 2024

After a week of bearish performances, the Nigerian Stock Exchange (NGX) has bounced back, driven by banking stocks.

Market Performance:
- The All-Share Index appreciated by 1.63%, closing at 102,802.25 points, up from 101,154.46 points.
- Market breadth was positive, with 53 gainers against 18 losers.
- Banking stocks, including GTCO, Zenith Bank, and Access Bank, led the bullish rally, gaining 10%, 9.97%, and 9.91% respectively.
Market Cap and Trading Volume:
- Equities gained N902 billion, and the market cap appreciated to N56.26 trillion from N55.358 trillion.
- Trading volume increased by 14.9% to 861.01 million units, while value traded declined by 45.9% to N12.16 billion.
Top Gainers and Losers:
- Top gainers included GTCO (+10.00%), CHAMS (+10.00%), and CAVERTON (+10.00%).
- Top losers were DEAPCAP (-9.88%), CWG (-9.87%), and RTBRISCOE (-9.86%).
Top Traded Stocks:
- In terms of volume, UNIVINSURE, TRANSCORP, and ZENITHBANK were among the top traded stocks.
- In terms of value, ZENITHBANK, UBA, and GTCO led the way.
SWOOT and FUGAZ Stocks:
- Stocks worth over N1 trillion, including GTCO, ZENITHBANK, and BUAFOODS, recorded price gains.
- MTNN recorded a price drop, while other SWOOT stocks showed no price changes.
Tier-1 Banks:
- UBA, FBNH, and ACCESSCORP, classified as tier-1 banks, recorded significant gains in the bullish market.