Banks’stocks support stock market

Following three consecutive days of losses, the local bourse bounced back from a bearish mood yesterday as the tier-1 banking counters supported the market to close positive.

The market capitalization appreciated by N32 billion to settle at N11.454 trillion from N11.422 trillion it opened.

Also, the NSE All Share Index gained 94.01 basis points to close at 33,556.35 points. Appreciation in some of the highly capitalized banking and consumer goods stocks drove most of the gains recorded in the market yesterday.

Market turnover closed negative as volume declined by 73.81 per cent against 160.08 per cent recorded on Wednesday.

UBA Plc, Unilever Nigeria Plc and FBN Holdings Plc were the most active to boost market turnover. Unilever Nigeria Plc topped market value list.

Market breadth closed negative as PZ Plc led 16 gainers against 24 losers topped by Red Star Express Plc at the end of trading which was an unimproved performance when compared with previous outlook.

PZ Plc led other stocks on the gainers chart with a gain of 8.73 per cent to close at N35.00 kobo per unit. May & Baker Plc followed with 5.00 per cent gain to close at N1.68 kobo, while Portland Paints Plc rose by 4.76 per cent to close at N4.18 kobo per share. Okomu Oil Plc gained by 4.73 per cent to close at N32.10 kobo per share and Sterling Bank Plc appreciated by 4.50 per cent to close at N2.09 kobo.

On the other hand, Red Star Express Plc led the losers table with 4.90 per cent to close at N4.85 kobo per share. McNichols Plc followed with 4.67 per cent to close at N1.43 kobo per share while Mansard Insurance Plc loss 4.12 per cent to close at N2.79 kobo per share.

WAPIN Insurance Plc with 3.70 per cent loss closed at N0.52 kobo per share while United Capital Plc with 2.70 per cent closed at N1.44 kobo per share.