Multiverse, Infinity, Transcohort Top Gainers Amidst ASI's Downturn By 0.36%

Banking Sector Soars Despite N132B Market Cap Dip: First Bank Surges 10%

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Despite a dip in market capitalization by N132 billion, today’s trading session witnessed a 0.17% rise in the All-Share Index, closing at 71,353.81 points.

The positive sentiment primarily stemmed from robust performances in the banking sector, notably with FBN Holdings (FBNH) seizing the limelight by topping the gainers chart with 10% appreciation.

While the market experienced a decrement in capitalization, trading activity surged, indicating increased investor engagement.

Trading volume spiked to 746.67 million units compared to the previous session’s 582.77 million units, marking an uptick. Moreover, the value of trade also saw a notable increase, rising to N5.945 billion from the preceding session’s N4.27 billion.

READ ALSO: Market Capitalization Hits N39tn As ASI Gains 0.02%, Analysts Optimistic About Resilience

The market indices for today’s trading session painted a mixed picture, with the NGX All-Share Index experiencing an upward trend, closing positively at 71,353.81 points. However, the market capitalization closed at N39.04 trillion, reflecting the aforementioned N132 billion dip.

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The top gainers in today’s session displayed remarkable performances, with JohnHolt, FBNH, Tantalizer, Multiverse, and Sunu Assurances soaring between 9.73% to 10.00%, contributing to the day’s positive market sentiment.

Conversely, certain stocks faced declines, with E-Tranzact, Unity Bank, Omatek, RT Briscoe, and Guinea Insurance showcasing losses ranging from 5.88% to 9.46%.

Examining the most actively traded stocks, Univinsure led by volume traded, followed by AccessCorp, Unity Bank, VeritasKap, and Transcorp. In terms of value, AccessCorp, UBA, Zenith Bank, Fidelity Bank, and MTN Nigeria took the lead.

Meanwhile, notable stocks worth over one trillion maintained stability, with minimal price changes observed among BUA Foods, GTCo, Zenith Bank, BUA Cement, Airtel Africa, MTN Nigeria, Seplat, and Dangote Cement.

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The announcement of a possible recapitalization exercise fueled positive sentiments for Tier-1 banks, with Zenith Bank, UBA, AccessCorp, and FBNH registering price gains, while GTCo recorded a slight decline.

Overall, despite the dip in market capitalization, the upbeat performances in the banking sector, particularly FBNH’s surge, underscored the day’s positive market dynamics and investor confidence.

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