First Holdco, GTCO rally drive Nigerian stock market gains
By Aboki Forex —
The Nigerian Exchange opened the week with a rebound of 0.97% on Monday, as bargain hunters moved in to cash in on recent market declines.
Buying interest in banking stocks, especially First Holdco, GTCO, and Zenith Bank, pushed the banking sector up by 4.84%. Investors rebalanced portfolios and took new positions in perceived bargains.
The All-Share Index gained 2,261.84 basis points to close at 238,203.11. Market capitalisation rose by N1.5 trillion to N151.327 trillion.
Industrial goods stocks edged up 0.04%. But insurance fell 1.43%, consumer goods dropped 0.40%, and energy declined 0.06%.
Market breadth was mixed. 21 stocks appreciated while 37 declined, showing lingering caution among some investors.
First Holdco Plc rose 10.00% to N60.50. GTCO Plc gained 10.00% to N127.10. Zenith Bank Plc added 7.09% to N117.80.
On the losing side, International Energy Insurance fell 1.43% to N5.56. NPF Microfinance Bank dropped 5.12% to N5.20. Zichis Plc shed 10.00% to N23.40. Consolidated Hallmark Holdings lost 9.94% to N6.43. Eterna Plc declined 9.90% to N27.75. Deap Capital Management fell 9.82% to N4.41. Austin Laz dropped 9.74% to N28.12.
In volume terms, Fidelity Bank traded 48.7 million shares worth N894.2 million. UBA exchanged 42.3 million shares valued at N1.7 billion. Access Holdings traded 39.3 million shares worth N886.1 million. Zenith Bank exchanged 30.0 million shares valued at N3.5 billion. MTN Nigeria traded 20.8 million shares worth N16.6 billion.