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HomeBusinessNigeria's equities gain momentum as banking stocks lead bullish charge

Nigeria’s equities gain momentum as banking stocks lead bullish charge

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By Samuel Bankole

Nigerian equities kicked off the week on a positive note, propelled by renewed investor interest in leading banks.

The All-Share Index climbed 26 basis points to close at 97,863.34 points, marking another milestone in a strong year for the Nigerian Stock Exchange (NGX).

Year-to-date returns now stand at a staggering 30.88%, with market capitalization surging by N141.89 billion to N55.36 trillion.

The bullish sentiment was fueled by a resurgence in demand for Tier-1 banking stocks. Investors flocked to shares of GT Bank (+1.21%), Zenith Bank (+2.50%), and FBN Holdings (+3.18%), propelling the market upwards.

While overall market activity declined compared to the previous session, with traded volume dropping 62.27%, participation remained healthy. A total of 366.98 million shares were exchanged for N5.94 billion across 8,031 deals.

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Access Corporation (+3.35%) emerged as the volume and value leader, trading 176.23 million units worth N2.99 billion.

The market witnessed a narrower breadth as declining issues outnumbered advancing ones by a ratio of 0.71 to 1. Notably, CWG (-10.00%) led the pack of 20 losers, while John Holt (+9.60%) topped the 14 gainers.

In positive news on the foreign exchange front, the naira appreciated against the dollar at the Investor and Exchanger (I&E) FX window.

The dollar closed at N1,339.33, a significant improvement from the previous day’s N1,482.81.

The strong performance at the start of the week suggests continued investor optimism in the Nigerian stock market.

With Tier-1 banks leading the charge and the naira displaying resilience, the market appears poised for further gains in the coming days.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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