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  • Business - Market Data
  • Updated: February 02, 2024

NGX rebounds with 1.63 per cent gain as banking stocks lead rally

NGX rebounds with 1.63 per cent gain as banking stocks lead

The NGX All-Share Index reversed last week's bearish trend, rising 1.63% to close at 102,802.25 points after gaining 1,647.79 points in Thursday's stock market report.

Positive signs were seen in the market breadth, as 53 gainers outnumbered 18 losers. The strong performance of banking stocks was noteworthy.

Leading the positive surge were GTCO, Zenith Bank, and Access Bank, which posted gains of 10%, 9.97%, and 9.91%, respectively.

The market capitalization increased to N56.260 trillion from N55.358 trillion the day before, as equities saw a notable surge of N902 billion.

The volume of trading activity increased by 14.9% to 861.01 million units. But from N22.49 billion yesterday, the trade value saw a 45.9% decrease to N12.16 billion.

According to comprehensive data, the NGX All-Share Index ended the day at 102,805.25 points, indicating a +1.63% daily change. The trading range for the day was 100,573.39 points at the lowest point and 102,818.72 points at the maximum. The market cap was N56.26 trillion, and the year-to-date percentage was +37.48%.

Top gainers included VERiTASKAP (+10.00% closing at N0.66), CAVERTON (+10.00% closing at N1.87), NASCON (+9.98% closing at N67.75), ZENITHBANK (+9.97% closing at N38.60), GTCO (+10.00% closing at N40.70), CHAMS (+10.00% closing at N2.64), and VERiTASKAP (+10.00% closing at N1.87).

However, the biggest losers were: RTBRISCOE (-9.86% finishing at N0.64), UPL (-9.76% closing at N3.33), MCNICHOLS (-9.43% closing at N1.44), SUNUASSUR (-9.29% closing at N1.66), DEAPCAP (-9.88% closing at N0.73), and CWG (-9.87% closing at N6.85).

UNIVINSURE (-7.69%) had the highest volume with 113.76 million units, followed by TRANSCORP (+8.02%) with 91.02 million units, ZENITHBANK (+9.97%) with 74.32 million units, UBA (+9.84%) with 69.18 million units, and VERITASKAP (+10.00%) with 58.74 million units.

In terms of value, ZENITHBANK (+9.97%) led with N2.76 billion, followed by UBA (+9.84%), TRANSCORP (+8.02%), GTCO (+10.00%), and ACCESSCORP (+9.91%) with N637.85 million.

For companies valued above N1 trillion, trading mood was noticeably favourable. While MTNN (-2.14%) witnessed a price decline, GTCO (+10.00%), ZENITHBANK (+9.97%), and BUAFOODS (+4.86%) saw price advances. There were no price movements for other SWOOT stocks, such as BUACEMENT, SEPLAT, DANGCEM, AIRTELAFRI, and GEEREGU.

UBA (+9.84%), FBNH (+9.91%), and ACCESSCORP (+9.91%), among other tier-1 banks, saw outstanding increases that added to the general upbeat mood of the market.

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