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Nigerian stocks extend gain on increased interest in bank stocks

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Investors’ demand for bank stocks aided the climb as FCMB Group, Zenith Bank, United Capital and GTCO led the charge.

Volume surged by as much as 340 per cent, with FCMB Group accounting for 80.9 per cent of the entire Friday’s transactions.Market breadth, which weighs the extent of investors’ sentiment towards trade, was neutral as 22 gainers were reported compared to 22 laggards.

The benchmark index expanded by 73.50 points to 47,437.48 points and market capitalisation increased to N25.6 trillion.Niger Insurance led gainers, appreciating by 10 per cent to close at N0.22. RT Briscoe went up 8.96 per cent to N0.73. UPDC rose to N0.99, notching up 7.61 per cent in the process. UACN added 5.97 per cent to end trade at N10.65. Cornerstone Insurance completed the top 5, climbing by 5.71 to N0.74.Royal Exchange was the worst performing stock, declining by 9.

 

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