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Home News Business

Profit-taking jacks up Banking Index on  NGX

July 2, 2022
in Business, News
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Indications emerged last week that profit-taking in the shares of FBN Holdings, Access Holdings and Zenith Bank  led to a 0.33 per cent rise in the performance of the banking index, despite the general loss recorded on the floor of the Nigerian Exchange (NGX) Limited in the just concluded week.

At the close of the five-day trading sessions, NGX All-Share Index and market capitalization depreciated by 0.14 per cent to close at 51,705.61 basis points and N27.87 trillion respectively. This resulted in investors losing N39.08 billion in a week, and a total of N806 billion in two consecutive weeks.

Analysts at Cowry Asset Management were of the view that investors might print a mixed reaction to the daily change of the domestic bourse in the coming week.

They said, “With the expectations of second-quarter numbers (financial results) coming in over the next few weeks we continue to maintain positive sentiments in the market although profit-taking will likely set in as prices rise. Investors are advised to trade on companies’ stocks with good fundamentals and a positive outlook to avoid falling into the bear trap.”

Other sub-sector performances ended up in the red zone. The consumer goods index fell by 2.02 per cent to close at 626.45 basis points. This was followed by the industry index which depreciated by 1.89 per cent to 2,155.90 basis points. Also, the insurance index fell by 1.36 per cent to close at 174.27 basis points.

Trailing on the path of the banking index, in the week under review, the oil and gas rose by 0.32 per cent to close at 544.53 basis points.

The stocks that lifted the banking sector performance were the shares of FBNH, Zenith, Access, Jaiz and Fidelity.

Leading the pack, the share price of FBNH rose by 8.76 per cent or 0.85k to close at N10.55; Zenith Bank followed, gaining 0.25k or 1.17 per cent to close at N21.65. While Access Bank rose by 2.15 per cent or 0.2k to N9.5, the share prices of Jaiz Bank and Fidelity Bank appreciated by 2.13 per cent and 0.59 per cent, gaining 0.2k apiece, to close at 0.96k and N3.39 respectively.

The share price of Union Bank of Nigeria which opened trading at N6 on Monday, June 20 remained unchanged as at the close of trading on Friday, June 25.

On the contrary, the share prices of Stanbic IBTC Holdings, Ecobank Transnational Inc, FCMB Group, Guaranty Trust Holding Company, United Bank for Africa, Sterling Bank, Wema Bank and Unity Bank declined in the week under review.

Stanbic lost N 1.05 or -3.13 per cent of its share price to close at N32.5; ETI fell by 3.96 per cent or 0.4k to close at N9.7; FCMB shed 0.2k or -5.71 per cent to close at N3.3; GTCO dipped by 0.71 per cent or 0.15k to close at N20.9, and UBA declined by 0.67 per cent or 0.05 to close at N7.45.

Sterling, Wema and Unity banks’ shares also fell by 0.02k each or 1.29 per cent, 0.63 per cent and 4.26 per cent to close at N1.53, N3.15 and 0.45k respectively.

The total volume and value of the shares of the 14 banks under consideration fell by 57.27 per cent and -61.49 per cent to 619.15 million and N1.61 billion, in the week under review.

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