Home / News / Local / NSE: GTB, Fidelity drive banking sector’s gains; as stocks rally in bullish year-end trading
Floor of the Nigerian Stock Exchange

NSE: GTB, Fidelity drive banking sector’s gains; as stocks rally in bullish year-end trading

Floor of the Nigerian Stock Exchange
Floor of the Nigerian Stock Exchange
Equity transactions on the trading floor of the Nigerian Stock Exchange closed the year on a bullish note, as most blue chip stocks appreciated in price, resulting to a further rise in market capitalisation by N297 billion.
On Thursday, virtually all the blue chip companies witnessed price appreciations.
Specifically, market capitalisation rose by N297 billion, from N9,553 trillion recorded on Wednesday to N9,850 trillion.
Also, the All-share index was up by 864.42 points or 3.11 per cent from 27,777.83 to 28,642.25.
Analysts attributed the two-day upward trend to end of year rally effects by portfolio managers to enable them close their book on a positive note.
According to them, the market would reverse to the normal trend by this week.
On the price movement chart, Nigerian Aviation Handling Company led the gainers chart with 10.20 kobo to close at N3.78 per share. Transnational Express followed with 9.71 per cent to close at N1.13 per share.
Nigerian Breweries added 9.68 percent to close at N136.00 per share. Union Bank gained 9.52 per cent to close at N6.90 per share. Vono gained 8.00 per cent to close at N0.81 per share.
Okomu oil added 6.65 per cent to close at N30.30 per share. EcobankTransNational Incorporated trailed with 6.00 per cent to close at N16.80 per share.
Betaglas gained 4.95 per cent to close at N53.45 per share. Stanbic IBTC added 4.95 per cent to close at N16.53 per share. UPL gained 4.90 per cent top close at N6.00per share.
NPFMicro finance Bank added 4.76 per cent to close at N1.10 per share.
ther gainers in the year-end trading include FO, Airservice, West African Portland Company, adding 4.76, 4.74 and 4.65 per cent to close at N330.00 N2.21 and N96.80 per share.
Continental Reinsurance gained 4.63 per cent to close at N1.13 per share. Wema Bank gained 4.17 per cent to close at N1.00per share. African Prudential added 3.32 per cent to close at N2.49 per share. Mobil gained 3.23 per cent to close at N160.00 per share.
Dangote Cement added 3.06 per cent to close at N170.00 per share. National Salt Company of Nigeria and GlaxoSmithKline also gained 2.88 and 2.86 per cent to close at N7.15 and N34.20 per share.
The banking subsector maintained its dominance in volume terms with 34 million shares worth N300 million. The insurance subsector valued at N6.7 million. The conglomerates ranked third with 7.4 million worth N16 million.
The banking sub-sector was boosted by activity in the shares of Guaranty Trust Bank with 13 million units worth N236 million while Fidelity Bank followed with 7million units worth N10 million.
In all, investors exchanged 252 million shares worth N3.9 billion in 2,160 deals.

About Global Patriot Staff

Check Also

Afreximbank signs term sheet to finance new terminal at Cameroon’s Douala Port

NASAU, Bahamas, June 20, 2024 African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an indicative term …

Leave a Reply

Your email address will not be published. Required fields are marked *