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Bank stocks’ gains help put stopper on Nigerian shares’ eight-day losing jinx

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The index has seen a 4.34 per cent gain January to date.

Nigerian stocks halted an eight-day bearish run on Tuesday as the benchmark index posted a weak climb of 0.02 per cent, helped by investors’ risk-off disposition to bank stocks.

The notable rise in bank equities like Zenith, Ecobank Transnational Incorporated , GTCO, Fidelity and UBA is coming a day after ETI reportedBut the release of the audited earnings report of FBN Holdings for the same period was welcomed with disappointment by investors as the profit after tax of the prompting investors to put up a humongous volume of its shares for sale. The stock accounted for 56.9 per cent of the entire shares traded and declined by 1.71 per cent.The all-share index increased 10.32 points to 42,018.92 points, while market capitalisation closed higher at N21.93 trillion.Capital Hotel traded up by 10 per cent to close at N1.04. Meyer went up 8.33 per cent to N0.26. NEM rose to N2.42, notching up 7.56 per cent in the process. Academy Press added 7.

 

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