Investors gain N1.3trn as banking stocks drive 3.89% rally

Within the buying and selling week ended Friday July 21, the Nigerian Change Restricted (NGX) All-Share Index and equities market capitalisation elevated by 3.89 p.c to 65,003.39 factors and N35.394trillion respectively as towards 62,569.73 factors and N34.070 trillion recorded the previous weekend.

Buyers confirmed vital curiosity in banking shares like GTCO, Stanbic IBTC Holdings, and Sterling.

The NGX Banking Index surpassed the benchmark Index, rising by 15.81 p.c within the evaluation week.

Buyers booked about N1.324trillion acquire within the evaluation buying and selling week.

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The market recorded 4 buying and selling periods of optimistic closes as towards sooner or later of damaging shut.

Regardless of periods of profit-taking and discount searching, the market has risen this month by 6.62 p.c. The market’s optimistic shut pushed the return year-to-date (YtD) to 26.83 p.c.

Forward of the evaluation week’s buying and selling, market watchers had not anticipate a big movement of funds away from the equities market to the fixed-income market owing to the strong interbank liquidity.

Dangote Cement Plc in its tranche 1 shares buy-back programme bought 168,735,593 absolutely paid atypical shares which represents 1percent of the overall issued shares.

The programme which commenced on July 17 was accomplished inside two days within the evaluation week.