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Banking stocks lead rally as market capitalization rises by N114bn

By The Citizen
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Trading activities on the Nigerian Stock Exchange closed positive for the fourth consecutive trading day of the week on Thursday, as indicators recorded significant appreciation.

The market capitalisation of the listed equities rose by 0.9 per cent or N114bn from N12.026tn on Wednesday, to close at N11.140tn.

Similarly, the NSE's All-Share Index increased by 359.2 basis points or 0.9 per cent to close at 38,334.54 points, from 37, 975. 34 points recorded the previous day.

The NSE-30 Index rose by 1.06 per cent or 19.13 basis points, from 1,794.95 points to close at 1,814.08 points, while the NSE Banking Index rose by 0.8 per cent or 3.59 basis points from 422.02 basis points to 425.61 points.

The banking sub-sector maintained its lead on the activity chart, with investors exchanging 90.671 million shares, worth N967.315m in 1,737 transactions. Activities in the banking sub-sector accounted for 37 per cent of total turnover.

Volume in the sub-sector was driven by trading in the shares of Access Bank, United Bank for Africa, Guarantee Trust Bank, Unity Bank, Fidelity Bank and Zenith Bank.

MRS Oil Nigeria Plc recorded the highest price appreciation of the day, rising by 10 per cent or N2.09 to close at N22.99 per share.

Forte Oil Plc, in second place, also rose by 10 per cent or N2.46 to close at N27.06 per share.

PZ Cussons Nigeria Plc and HIS Plc gained 9.95 per cent and 9.87 per cent to close at N44.30 and N3.45 per share, respectively.

On the other hand, Academy Press Plc lost the highest, shedding 10 per cent or 20 kobo to close at N1.80 per share.

Pharma-Deko Plc lost 9.66 per cent or 20 kobo to close at N1.87 per share.

Continental Reinsurance Plc lost 9.38 per cent or 12 kobo to close at N1.16 per share, while Thomas Wyatt Nigeria Plc and Portland Paints Plc shed 9.26 per cent and 7.25 per cent to close at 98 kobo and N6.40 per share in that order.

In all, 243.88 million shares, valued at N3.053bn were traded in 5,558 deals, compared to 204.811 million shares, worth N2.660bn traded the previous day, in 5,960 transactions.