Banking stocks drive NGX first gain this week

Nigeria’s equities market on Tuesday rose by 0.15 percent or N101billion, thereby recording its first positive close this week. Banking and oil & gas stocks help to redirect the Nigerian stock market northwards.

NGX Banking Index rose by 1.89 percent, while NGX Oil & Gas Index increased by 0.04 percent. Other key sectoral indices closed in red, the highest being NGX Insurance Index which was down by 4.07 percent.

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VFD Group rallied most, from N62.70 to N66, adding N3.30 or 5.26 percent. It was followed by Abbey Mortgage Bank which increased from N5.15 to N5.58, adding 43kobo or 8.35percent, and Sterling Financial Holdings Company which increased from N4.82 to N5.15, adding 33kobo or 6.85 percent.

In their views on what shapes the market on Thursday, research analysts at Lagos-based Vetiva had noted that given the prevailing negative momentum and continued selloffs across key sectors, they anticipated the market may extend its decline in Thursday’s trading session.

“Nonetheless, a short-term rebound remains possible, especially if bargain hunters begin to take positions in fundamentally strong counters trading at attractive levels,” they said.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding day’s lows of 104,216.87 points and N65.488 trillion respectively to 104,376.73 points and N65.589 trillion. In 14,528 deals, investors exchanged 460,565,077 shares valued at N10.105billion.

The Nigerian market’s return this year has increased to +1.41 percent despite declining this week and this month by 1.08 percent and 1.22 percent respectively.