Banking sector leads stock market gain

Financial services once again led the way as the Nigerian Exchange closed positive with a marginal gain of N8bn for investors.

The All-Share Index went up by 0.02 per cent higher to close at 59,014.85 index points when compared to the 59,000.96 index points recorded in the previous day’s trading session.

The market capitalisation of equities closed at N32.134tn, indicating a gain of 8bn when compared to the N32.126tn recorded in the previous trading session.

Universal Insurance Plc (10.00 per cent) led gainers, followed by Tantalizer (10 per cent), and Unity Bank (9.80 per cent).

MBenefit came fourth with a gain of 9.76 per cent while FTNCocoa completed the gainers list with a gain of 9.63 per cent.

Ellahlakes Plc (-10.00 per cent) led the losers followed by JohnHolt (-9.57 per cent), and Academy (-9.55 per cent). Omatek was down by -7.14 per cent while Regalins completed the laggards list with a depreciation of -7.14 per cent.

Jaiz Bank Plc was the most traded equity by volume at the end of today’s session.

The bank was followed by SterlingNG (105,543,000) and UNIVINSURE (95,115,898).

By value, the top three traded shares were GTCO (N2.6bn), UBA (N693m) and SterlingNG (N311m).

Trading volume also increased by +34.80 per cent from the previous day’s session as N892.95m units of shares were traded today.

The marginal gain on Monday came on the heels of a bullish trading week that saw investors rake in N1.7tn.

The market rally was largely attributed to the suspension of the former Central Bank Governor, Godwin Emefiele and the decision of the CBN to float the Nigerian naira.