Fidson, others lead equities’ N9b gain
Following gains recorded by most blue-chip stocks, especially Nigerian Breweries (NB) and Fidson, transactions on the Nigerian Exchange Limited (NGX) reopened upbeat yesterday, as market …
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Banks lead retreat as Nigerian stocks end seven-day gaining streak
The all-share index slid 13.04 points, closing at 39,305.48.
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Nigerian stocks halted a seven-session streak of gains Tuesday, almost entirely relinquishing the grounds gained at the previous trading session as negative sentiments towards bank stocks weighed the benchmark index down by 0.03 per cent.
The banking index contracted by 0.60 per cent, the only decliner of the five sectorial indices tracked by the Nigerian Exchange Limited, with big banks like GTB, Access and Zenith contributing the most to the decline.
A positive market breadth was reported as there were 23 gainers against 16 losers at the end of trade.
Guaranty Trust Bank Plc has grown its total deposit for the first quarter ended March 31, 2021 (Q1’21) to N3.717 trillion, representing 3.0 percent increase compared to N3.611 trillion recorded in Q1’20.
The financial report of the bank for the period released in the Nigerian Exchange Limited, however, showed that the bank’s profit before tax dropped by 7.8 percent to N53.7 billion from N58.2 billion recorded in the corresponding period in Q1’20.
The bank’s Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1 percent, while asset quality was sustained as Non-Performing Loan (NPL) ratio and Cost of Risk (COR) closed at 6.1 percent and 0.11 percent in March 2021 from 6.0 percent and 0.08 percent in March 2020 respectively.
Trading on the Nigerian Exchange Limited (NGX) sustained a rising profile, following gains recorded in most blue-chip stocks. The all-share index (ASI) appreciated by 0.01 per cent.
At the close of transactions yesterday, the ASI grew by 3.46 absolute points, representing a growth of 0.01 per cent to close at 39,131.8 points. Market capitalisation also gained by N1 billion to close at N20.479 trillion.
The upward trend was sustained, following buy-interest in the oil and gas sector. The sectorial index advanced 0.2 per cent following the price uptick in Oando Plc.
Analysts at Vetiva Dealing & Brokerage said: “Following four consecutive sessions of positive closes in the market, expect the week to end on a mixed note, as some investors take profits on earlier gains in the banking sector.”
Local equities market extends gains, adds 0 3 per cent tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.