NGX: Banking stocks extends winning streak, as investors gain N962bn
Nigeria’s equities market sustained its bullish momentum on Thursday, extending its winning streak to five consecutive trading sessions as renewed buying interest in banking, telecommunications and consumer. . .
Nigeria’s equities market sustained its bullish momentum on Thursday, extending its winning streak to five consecutive trading sessions as renewed buying interest in banking, telecommunications and consumer goods stocks lifted investors’ wealth by N961. 75 billion. The benchmark Nigerian Exchange (NGX) All-Share Index (ASI) rose by 0. 62 per cent to close at 243,958. 73 points, while the market capitalisation advanced by the same margin to N156. 55 trillion, reinforcing the market’s strong upward trajectory. The latest rally pushed the market’s year-to-date return higher to 56. 77 per cent, underscoring sustained investor confidence despite mixed macroeconomic conditions. Market breadth remained positive, although slightly weaker than the previous session, with 29 stocks recording gains against 24 losers, while 79 equities closed unchanged, translating to a gainers-to-losers ratio of 1. 21 times. The market’s positive performance was driven primarily by strong demand for heavyweight stocks, including First HoldCo Plc, MTN Nigeria Communications Plc, Zenith Bank Plc, Access Holdings Plc, Nigerian Breweries Plc, Dangote Sugar Refinery Plc and Guaranty Trust Holding Company Plc, alongside gains recorded in 22 other listed equities. The banking sector emerged as the star performer, climbing 1. 33 per cent on increased investor appetite for First HoldCo Plc, Abbey Mortgage Bank Plc, Zenith Bank Plc, Access Holdings Plc, FCMB Group Plc and Guaranty Trust Holding Company Plc. Analysts attributed the sector’s strength to continued optimism over earnings prospects and sustained foreign and domestic institutional interest. Consumer goods stocks also recorded an impressive outing, with the sector index rising 1. 21 per cent following renewed buying in International Breweries Plc, Honeywell Flour Mills Plc, Nigerian Breweries Plc and Dangote Sugar Refinery Plc. Similarly, the insurance sector gained 0. 26 per cent, supported by price appreciation in Lasaco Assurance Plc, FTN General Insurance Plc, Mutual Benefits Assurance Plc, AIICO Insurance Plc and AXA Mansard Insurance Plc. However, profit-taking activities in Japaul Gold and Ventures Plc and Oando Plc dragged the oil and gas index into negative territory, making it the only sector to close lower during the session. The industrial goods index ended the day unchanged. Trading activity also reflected the resurgence in market participation. Total volume traded surged by 212. 08 per cent to 1. 62 billion shares, while the value of transactions jumped by 381. 35 per cent to N109. 52 billion, indicating heightened investor activity and stronger liquidity in the market. The continued positive momentum reflects investors’ confidence in fundamentally strong companies, particularly within the banking sector, as expectations build around robust corporate earnings and sustained economic reforms. With the benchmark index now approaching another record high and the market delivering a return of nearly 57 per cent so far this year, investors will be watching closely to see whether the Nigerian Exchange can sustain its rally in the coming sessions amid evolving macroeconomic and corporate developments. WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TVBack to School, Back to Business A Fresh StartRelationship Hangout: Public vs Private Proposals – Which Truly Wins in Love?“No” Is a Complete Sentence: Why You Should Stop Feeling GuiltyRelationship Hangout: Friendship Talk 2025 – How to Be a Good Friend & Big Questions on FriendshipPolice Overpower Armed Robbers in Ibadan After Fierce StruggleGet real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel now