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Nigerian banking stocks lift market as NGX gains 0.15%
['Boluwatife Oshadiya', 'Boluwatife Oshadiya Is A Nigerian Journalist', 'Communications Professional At Bizwatch Nigeria', 'Where He Contributes To Editorial Leadership', 'Business Reporting. His Coverage Focuses On Capital Markets', 'Banking', 'Finance', 'The Broader Business', 'Economic Landscape', 'Delivering Data-Driven Analysis']
BizWatchNigeria.Ng
Trading data from the local exchange showed that market capitalisation increased by ₦235.12 billion, also representing a 0.15% rise, to ₦158.51 trillion.
The market recorded stronger trading activity, with total volume and value of transactions increasing by 185.56% and 30.27%, respectively.
What’s Being SaidTrading data from the Nigerian Exchange showed that banking stocks were the strongest sectoral performers, with the Banking Index gaining 1.53%.
What’s NextInvestors will continue to monitor buying interest in major banking stocks and whether the sector can sustain its positive momentum in subsequent sessions.
The Bottom Line:The session showed that banking stocks remain an important source of support for the NGX, but the negative market breadth indicates that the gains were not broad-based.