JAN 23, 2019: NIGERIA: BANKS AHOY.

It was a day of cautious pricing alright but it was the day of the banks at the Nigerian Stock Exchange Wednesday January 23 2019 in terms of both price gains and trade.

Sure, no equity closed up or down by up to N1 per share through the day but the banks dominated top 5 by both price gains and traded volume.

In effect they were instrumental in raising the All share index up by 0.46% to 30,878.56 well ahead of Tuesday's rather marginal 0.01% rise to 30,736.88.

Leading the price gainers was Guaranty Trust Bank up N0.9 or 2.80% per share as it closed at N33 per share compared to N32.1 per share on Tuesday. This was as it witnessed 229 deals through which 11.452m shares were exchanged for N372.751m.

Others in the top 5 league of price gainers were Stanbic IBTC up N0.5 or 1.06% per share in 27 deals for 3.404m shares worth N161.70; Fidelity Bank and Zenith Bank with N0.2 per share increase each and FBN Holdings up N0.1 or 1.37% per share.

The banks dominated traded volume as well although after days of lead trade Diamond Bank did not make the top 5.

Instead, the lead came from its potential merger partner, Access Bank in which 155.837m shares were offloaded in 222 deals worth day high N875.206m while shedding N0.05 per share.

During the day Access Bank hit day high of N5.75 per share, and low of N5.60 before closing at N5.65 compared to N5.60 per share on Tuesday.

Amongst the price losers, Forte Oil paced with N0.50 or 1.67% per share by closing at its day high of N29.5 per share after a low of N28.65 and compared to N30 per share previously. FO witnessed 58 deals for 0.366m shares valued at N3.135m.

It was trailed by UACN down N0.40 or 4.49% per share; NEM Insurance with N0.11 or 4.40% drop; May & Baker down N0.06 or 2.45% per share and Dangote Flour which shed N0.05 or 0.76% per share.

In all though, trade improved slightly with 3405 deals struck involving 376.261m shares worth N2.967bn as against 3340 deals for 245.981m shares valued at N2.443bn on Tuesday.

Zenith Bank led number of deals with 418 through which 31.004m shares were traded for N678.833m.

There was a major offload too in United Bank for Africa as 62.115m of its shares were snapped up in 320 deals worth N450.812m .

A smaller parcel of 32.555m shares was traded in First City Monument Bank in 136 deals worth N63.260m.

Fidelity Bank was the last on the top 5 by traded volume closing with 208 deals through which 26.168m shares were exchanged for N58.60m.

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