Nigeria’s equities investors snapped up bank stocks in the trading week ended Friday August 9, which helped the market gain about N481billion in the review week.
The NGX Banking Index rose most on the Bourse by 5.14 percent as more banks in race for recapitalisation intensified efforts at getting larger chunk of investors funds.
Fidelity Bank, GTCO, Access Holdings, FCMB Group, Zenith Bank are in the stock market seeking funds from either existing or new shareholders or both through their rights issue or public offer.
At the Nigerian Exchange Limited, NGX Banking Index is designed to provide an investable benchmark to capture the performance of the banking sector, and the index comprises the most capitalised and liquid companies in banking.
In the review week, the market rose by 0.88 percent after sessions of profit-taking and bargain hunting activities. Investors sold mostly industrial stocks while banking, oil and gas, consumer goods, and insurance stocks recorded increased bargain.
Other sectoral indices show NGX Consumer Goods Index increased by 2.35 percent; NGX Insurance Index (+1.79 percent), NGX Oil and Gas Index (+0.97 percent), while NGX Industrial Index decreased by 3.67 percent.
The Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation increased from preceding week’s lows of 97,745.73 points and N55.497 trillion to 98,592.12 points and N55.978 trillion.
The market’s year-to-date (YtD) return stood higher at 31.87 percent.
