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Nigerian stocks climb higher on increasing demand for bank shares

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FBN Holdings, ETI, Fidelity Bank and Zenith contributed most to the advance, even though trade volume dropped by seven per cent.

Nigerian stocks inched higher on Wednesday as the benchmark index rose 0.12 per cent, lifted by an increasing demand for bank equities.The all-share index jumped 48.54 points to 40,765.20, while market capitalisation grew to N21.3 trillion. Year to date, the index is up by 1.23 per cent.FBN Holdings led gainers, growing by 7.78 per cent to close at N9.70. UPL gained 7.38 per cent to close at N1.31. NNFM rose by 6.49 per cent to N8.20. Livestock leapt to N2.35, notching up 5.

FNH Holdings was the most preferred stock today with 108.7 million of its shares worth N1.1 million traded in 519 deals. Transcorp shares of 39.7 million, priced at N38.4 million, exchanged hands in 150 transactions. ETI had 32.8 million shares valued at N189.9 million traded in 100 deals. UBA traded 25.3 million shares estimated at N204.4 million in 327 transactions. Fidelity traded 19.9 million shares valued at N51.2 million in 198 deals.

 

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