AUGUST 18, 2017: DAY OF BANKS AT NIGERIAN STOCK EXCHANGE

Today at the Nigerian stock exchange, investors finally came to terms with half year figures reflection of bank 2017 potentials as many  banks or bank dominated groups resulting in day high 3.7% rise in banking index to 448.95 to drive All shares index up 1.66% to 36,920.42.

The banking gains were led by GTB, up N2.40 per share or 2nd highest 6.47% followed by Stanbic IBTC with N1.85 per share or 6.36% and Zenith bank which closed at N24.53 per share, up N1.52 or leading 6.61%.

The day's 26 price gainers were however led by Dangote cement as it rose by N5.20 per share to N225 or 2.37% of its opening price.

Thus, will all three premium equities rallying , the premium index ended up ahead of ASI growth as it closed at 2448.3, up 2.95%. 

Banks too still paced volume and traded value as offloads were recorded in Zenith, GTB and UBA even though total market volume rose by only 5.11% to 236.6m shares and traded value eased by 12.3% to N4.8bn.

Between both, Zenith and GTB accounted for about N2.73bn traded value or 56.8% of market total. Zenith was the pacesetter all round as it witnessed 540 deals for 61.847m shares worth N1.471bn.

In value and number of deals struck, it was trailed by GTB with 329 deals for 3rd ranked 32.51m units worth N1.26bn. In volume terms UBA squeezed in with 40.4m shares offload in 4th ranked 227 deals and N380.67m traded value.

FBN Holdings also found space between UBA and GTB in terms of deals struck as it closed the day with 244 deals for 5th placed 11.738m shares worth N70.1m.

The picture that emerged of the day was that of the top 7 % gainers, 4 were banks: top 8 recorded deals, 5 were banks or bank dominated groups; of top 6 by volume, all were banks and top 10 by traded value 6 banks made it.

There were 12 losers led in Naira by Okomu oil with N3.63 per share or 2nd ranked 4.99% and Nigerian Breweries, down N2.98 per share or 1.62%. It ranked 6th with 123 deals and N115.028m traded value involving 0.635 m shares.

Leading % decline was by Custodian Insurance which closed down by 5% or N0.19 per share.

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