Nigerian Bank Stocks Drive Bourse, Market Cap Soars

Nigerian bank stocks took center stage in Friday’s trading as the value of shares traded for UBA, Access Corporation, Zenith Bank, and GTCO surpassed the billion-naira mark.

The rush for bank stocks contributed to a 1.67% or N584.08 billion appreciation in the bourse, driving the stock market capitalization from N34.81 trillion to N35.39 trillion.

The All-Share Index climbed to 65,003.39 ASI at the close of trading, marking a 1,072.67 basis points increase. Around 770.79 million shares were traded in 8,915 deals, amounting to N14.26 billion.

GTCO emerged as the top gainer, rising by N3.50 kobo to N38.50 kobo per share, while Guinness was the biggest loser, falling by N7 to N73 per share.

UBA led the day’s trading with 111.20 million shares valued at N1.64 billion, followed by Access Corporation with 88.03 million shares worth N1.61 billion, and Zenith Bank with 73.35 million shares valued at N2.58 billion.

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