• Thursday, December 07, 2023
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Deals in banking stocks drive market volume amid marginal gain


Transactions recorded in four banks stocks –namely Access Bank plc, Zenith Bank plc, Guaranty Trust Bank plc, and Diamond Bank plc contributed to the recorded 384,607,209 shares exchanged yesterday at the Nigerian Stock Exchange (NSE).

The equities market closed yesterday with a mild but positive message, as the NSE All Share Index (ASI) appreciated from 33, 514.14 points to close at 33,532.89 points at the end of trading. Likewise, the market cap rose slightly to N10.719trillion from the preceding trading day’s N10.713trillion.

Amid marginal gain of 0.06 percent recorded at the close of trading on the floor of the Nigerian bourse, equity dealers exchanged 70,428,367 shares of Access Bank plc worth N641.279million; 37,705,787 shares of Zenith Bank plc worth N756.378million; 27,687,935 shares of Guaranty Trust Bank plc valued at N663.948million; and Diamond Bank plc 18,375,876 shares worth N119.125million. In 5,124 deals, equity traded exchanged 384,607,209 shares worth N5.354billion.

Considering this outing yesterday, analysts at Proshare said the outlook reveals improved patronage but with low enthusiasm as intra-day price volatility gained weight.

Stocks price appreciation that helped to boost this performance yesterday at the Customs Street was seen majorly in Presco plc, Dangote Cement, United Bank for Africa plc, Ecobank Transnational plc, and Nigerian Breweries.

Presco rallied from N23.45 to N25.79, adding N2.34. Dangote Cement rose from N156 to N157.60, adding N1.60. United Bank for Africa rose from N6.60 to N7.26, adding N0.66. Ecobank Transnational gained N0.60, from N14.90 to N15.50; while Nigerian Breweries plc gained N0.60 after rising from N162 to N162.60.

Decline in the prices of some stock like Nestle Nigeria plc, Okomu Oil Palm plc, Guinness Nigeria plc, Flour Mills plc, and Guaranty Trust Bank plc impacted negatively on the entire market movement.