Home Business Banking stocks push equity market up by 1.98%

Banking stocks push equity market up by 1.98%

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By FELIX OLOYEDE

Impressive performance by banking stocks propelled the Nigerian equity market to rally for five consecutive trading days, swinging its year-to-date return to the positive territory after seven months of being negative.

The local bourse defiled political uncertainty as the All Share Index (ASI) gained 611.69 absolute points, representing a growth of 1.98 per cent to close at 31,433.49 points.

Also, Market Capitalization gained N288.11 billion, representing 1.98 per cent to close at N11.72 trillion.

Forte Oil gained 10 per cent to emerge highest advancers among 24 other gainers, while Mcnichols shed -9.52 per cent to top the 13 losers list.

The total volume and value of transactions rose by 21.63 per cent as investors traded 436.75 million shares valued at N5.88 billion.

Similarly, High caps, such as shares of NESTLE and GUARANTY remained the toast of investors, lifting their respective sector gauges by 0.64 per cent and 5.78 per cent.

Consequently, year-to-date loss of the NSE ASI was cleared and the local bourse returned to profitability, 0.01 per cent.