Nigerian stocks scrape weak rally on higher demand for big-cap bank stocks

Nigerian stocks returned to winning ways on Tuesday even though the gain was too little to recover the grounds lost at the previous trading sessions as the benchmark index ticked up by 0.07 per cent.

The slight progress drew support from rise in the share prices of two bellwether bank stocks – GTCO and Zenith – as well as WAPCO and Honeywell Flour.A bellwether is a leading indicator that suggests the presence of a trend. Discover the pros and cons of using b… Nevertheless, market breath, which measures the depth of investor sentiment, was negative with 18 laggards reported compared to 17 gainers. The rest 69 equities participating in Tuesday’s trade saw no movement.

The all-share index rose 25.99 points to 39,460.68 points and market capitalisation climbed to N20.6 trillionMorrison led gainers, upping by 10 per cent to N1.54. Regal Insurance grew by 9.52 per cent to end today’s trade at N0.46.

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