Seven banking stocks close higher as investors’ funds add N92b

Seven banking stocks closed higher at the end of yesterday’s transactions on the equities sector of the Nigerian Exchange Limited (NGX).

The banks are Access Corporation, Fidelity Bank, First City Monument Bank, FBN Holdings, Ecobank TransNational Incorporated, Sterling Bank and Zenith Bank.

Also, for the fourth consecutive session, TransNational Corporation of Nigeria (TRANSCORP) topped the activity chart with 240.554 million shares valued at N589.357 million.

The stock received positive sentiment following the recent acquisition of a 5.52 per cent stake in the company by Femi Otedola. Hence, the stock maintained the position of the most sought-after stock throughout the week.

Access Holdings followed with 152.138 million shares worth N1.49 billion. Fidelity Bank traded 22.386 million shares valued at N125.47 million, while Zenith Bank transacted 18.114 million shares worth N397.264 million.

The total volume of trades declined by 52.79 per cent to 600.778 million units, valued at N5.054 billion, and exchanged in 4,309 deals.

Furthermore, investors’ wealth appreciated by N92 billion as the All Share Index (ASI) rose by 177.33 points, representing an increase of 0.35 per cent to close at 51,355.74 points while the overall market capitalisation value gained N92 billion to close at N27.963 trillion.

Yesterday’s upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Access Holdings, FBN Holdings (FBNH), Transcorp Hotel, Fidelity Bank and Ecobank Transnational Incorporated (ETI).

Market sentiment, as measured by market breadth, was positive as 28 stocks gained, relative to 16 losers.

Access Holdings and Transcorp Hotel recorded the highest price gain of 10 per cent each to close at N9.9 and N7.14 respectively, while Transnational Corporation (Transcorp) followed with a gain of 9.87 per cent to close at N2.24 kobo.

Fidelity Bank rose by 9.85 per cent to close at N5.80, while FCMB Group appreciated by 9.8 per cent to close at N3.81, per share. On the other hand, Champion Breweries led the losers’ chart by 9.96 per cent to close at N4.43 kobo.

Jaiz Bank followed with a decline of 8.42 per cent to close at 87 kobo, while Cutix depreciated by 4.35 per cent to close at N2.20 kobo.

Caverton Offshore Support Group declined by 2.91 per cent to close at N1 while Eterna depreciated by 2.52 per cent to close at N5.80 kobo.