Business

Stock market surges as zenith, gtBank elevate banking index

The stock market saw a rebound last week, driven by strong half-year results from Zenith Bank Plc and GTBank Plc, which boosted the Banking Index.

This uptick was further supported by gains in shares of companies such as MTN, First Bank of Nigeria Holdings, Oando, and Nestle. As a result, the Nigerian Exchange (NGX) All Share Index (ASI) increased by 1.1%, closing at 97,456.62 points, up from 96,433.53 points the previous week.

Market capitalization also rose, increasing by over N607 billion to reach N56.001 trillion, up from N55.394 trillion. Month-to-Date (MtD) and Year-to-Date (YtD) returns stood at -0.3% and 30.3%, respectively.

Trading activity showed mixed results, with a 20.2% Week-on-Week (W/W) increase in trading volume, while trading value dipped slightly by 0.5%. Sector performance was positive, with the Banking Index rising by 5.1%, Oil and Gas Index by 2.0%, Insurance Index by 1.6%, Consumer Goods Index by 1.5%, and Industrial Goods Index by 0.2%.

Analysts at Cordros Research predict mixed sentiments in the near term, with investors likely focusing on bank stocks due to recent corporate actions. They also caution about potential profit-taking on stocks that have recently appreciated.

InvestData Consulting Limited analysts expect continued mixed sentiment, driven by profit-taking and bargain hunting, particularly as more interim dividend-paying stocks release their half-year results. They anticipate ongoing sector rotation and portfolio repositioning, with investors seizing opportunities to buy value on pullbacks.

Attah Mike

Attah Mike is in charge of Infotech at IDOMA VOICE. He is an AI enthusiast. A photoshop expert and trained photographer/videographer. He studied Computer Science at FPN

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