Equities: Bank stocks boost trading by 55.9%

The banking sub-sector maintained its lead on the activity chart on the floor of the Nigerian Stock Exchange on Tuesday accounting for 55.97 per cent of total turnover traded.

In the sub-sector, 211.902 million shares, valued at N756m were exchanged by investors in 1,161 transactions.

Trading in the shares of Sterling Bank Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc drove volume in the sub-sector.

Other companies that recorded high turnover in the sub-sector included United Bank for Africa and Fidelity Bank Plc.

Equity trading closed negative with the NSE's All-Share Index dropping by 0.59 per cent or 223.83 basis points from 37,813.43 Monday's close to 37,589.60 points.

The NSE-30 Index was down by 0.76 per cent to close at 1,760.40 basis points, from 1,774.04 points recorded the previous day.

Similarly, the market capitalisation of the listed equities, shedding N71bn for the second consecutive day.

The market capitalisation of the listed equities had depreciated by N71bn or 0.59 per cent on Monday to close at N11.975tn, down from an opening of N12.046. On Tuesday it fell by the same rate to close at N11.904tn.

The NSE's Consumer Goods Index dropped by 1.1 per cent to close at 1,061.45 basis points, while the banking index lost 0.4 per cent or 1.86 basis points to close at 407.31 points.

A total of 19 stocks recorded price appreciation, while 38 stocks recorded price depreciation.

Paints and Coatings Manufacturers Plc led the price gainers' chart, rising by 10 per cent or 17 kobo to close at N1.87 per share. Champion Breweries Plc followed closely on the chart, also rising by 10 per cent or N1.61 to close at N17.71 per share.

Jos International Breweries Plc and Evans Medical Plc gained 9.88 per cent and 9.72 per cent to close at 89 kobo and N4.47 per share respectively, while Trans-nationwide Express Plc added 9.59 per cent or seven kobo to close at 80 kobo.

Cutix Plc led the price losers, shedding 9.95 per cent or 22 kobo to close at N1.99 per share.

Custodian and Allied Insurance Plc and UACN Plc shed 9.94 per cent and 9.84 per cent to close at N1.45 and N55 per share, respectively, while IPWA Plc and Vono Products Plc fell by 9.52 per cent each to close at 95 kobo and 55 kobo in that order.