NSE Banking index rises by 3.5%

The Nigerian Stock Exchange Banking Index recorded a 3.5 per cent rise at the close of activities on Wednesday.The banking index which had stood at 266.94 points at the close of trading activities the previous day, recorded a rise by 9.37 basis points or 3.5 per cent to close at 276.31 points.This was mainly as a result of significant increase recorded by major companies in the banking sub-sector at the close of trading.Fidelity Bank Plc recorded the highest price appreciation in the sub-sector, rising by five per cent or seven kobo to close at N1.47 per share.First Bank of Nigeria Plc, Access Bank Plc and Ecobank Plc followed, with a gain of 4.9 per cent each to close at N9.32 and N4.66 and N1.73 per share respectively, while Sterling Bank Plc rose by 4.04 per cent to close at N1.03 per share.Skye Bank Plc, Zenith Bank Plc gained 3.8 per cent each to close at N4.31 and N12.30 per share, while Wema Bank Plc and Guaranty Trust Bank Plc added 3.6 per cent and 3.5 per cent respectively.This helped to lift major market indices as the market capitalisation of the listed equities rose by 1.48 per cent or N94bn from N6.362tn on Tuesday, to close at N6.456tn.Similarly, the NSEs All-Share Index was up by 1.48 per cent or 297.43 basis points to close at 20,420.23 points, up from 20,122.80 points recorded the preceding day.Other indices also recorded significant appreciation, with the NSE-30 rising by 1.61 per cent or 14.52 basis points to close at 914.96 up from 900.44 points the previous day.The NSE Food/Beverages Index also gained 3.6 per cent or 20 basis points from 562 points to 582 points.However, the NSE Insurance Index fell by 0.9 per cent or 1.33 basis points from 142.22 points to 140.89 points.Activities in the banking sub-sector continued to drive total turnover, as it accounted for 42 per cent of total volume traded on Wednesday.In the sub-sector, investors exchanged 145.21 million shares, valued at N714m in 1,637 transactions.Volume in the sub-sector was driven by trading in the shares of UBA, Diamond Bank and GTB respectively.SCOA Plc recorded the highest price loss of the day, shedding 4.9 per cent or 29 kobo to close at N5.52 per share.Nigerian-German Chemical Plc also lost 4.9 per cent to close at N8.59 per share.
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