BANKING STOCKS LIFT NGX AS MARKET GAINS 2.78%

The Nigerian Exchange Limited closed the trading week on a positive note, with the All-Share Index rising by 2.78 per cent to 249,804.60 points, driven largely by strong demand for financial stocks.

Market capitalisation also increased by 2.78 per cent to N163.50tn as investors increased their positions in selected banking and other high-capitalisation equities.

A total of 3.20 billion shares valued at N168.67bn were traded in 287,919 deals during the week. This represented a 23.83 per cent increase in trading volume and a 30.81 per cent rise in value compared with the previous week.

The financial services sector dominated trading activity by volume, with Fidelity Bank, Sterling Financial Holdings and Mutual Benefits Assurance recording significant transactions.

Market breadth also improved, with 61 stocks recording gains against 32 decliners. Sovereign Trust Insurance led the gainers, rising 30.95 per cent to N2.20 per share, while Transcorp Power recorded the largest decline, falling 18.94 per cent to N178 per share.

The gains came as investors shifted their focus towards selected stocks considered attractive in terms of valuation, supporting the broader recovery in the equities market.