Demands in banking, insurance stocks promotes rally at Nigerian Exchange Limited

Demands in banking, insurance stocks promotes rally at Nigerian Exchange Limited

LAST week, the performance across sectors was predominantly bullish as the benchmark index settled at 65,003.39 basis points reaching another remarkable 15-year high by the end of Friday’s session.

Fuelled by interest and demand for banking and insurance stocks, with the respective sectors appreciating by 15.81 percent and 5.65 percent Week-on-Week (w/w), the All Share Index (ASI) of the Nigerian Exchange Limited (NGX) appreciated by 389 basis points or 3.89 percent w/w, thus increasing the Year-to-Date (YtD) gain to 26.83 percent.

Equities investors, therefore, cumulatively earned N1.33 trillion as the market capitalisation, having gained in four out of five sessions in the week, also went in the northward trajectory, advancing by 3.89 per cent w/w to hit N35.39 trillion.

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Aside from the bullish sentiment in banking and insurance sector due to positive price movements in Sterling Financial Holding Company, Sovereign Insurance, Ecobank Transnational Incorporated and FBN Holdings whose share prices appreciated by 27.33 percent, 26.09 percent, 27.07 percent and 25.65 percent, respectively; strong buying interest in Dangote Cement, with 5.1 per cent weekly appreciation following the conclusion of