Stocks gain N54bn, Sterling to restructure

The equities market maintained a positive trend as buying interest in Zenith (+1.2 per cent), Dangote Sugar (+1.6%), and ETI (+2.4%) lifted the benchmark index by 39 basis points (bps) to 26,611.96 points.

Consequently, market capitalisation improved by ₦54 billion to ₦13.9 trillion while year to date return improved to -0.9%.

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Activity level increased as volume and value traded climbed 22.7% and 12.4% to 413.1m units and ₦4.5bn respectively.

The most traded stocks by volume were Zenith (90.9 million units), Sterling Bank (82.3m units) and UBA (56.7m units) while Zenith (₦1.6bn), Dangote Cement  (₦1.0bn) and Guaranty Trust Bank (₦448.2m) led by value.

Sector performance remained sublime as all 6 indices under review gained.

The industrial goods index recorded the most gain, up 0.8% due to buying interest in BUA Cement (+3.3%).

In a notification to the Nigerian Stock Exchange (NSE), Sterling Bank’s company secretary, Temitayo Adegoke, announced its approval from the Central Bank of Nigeria (CBN), to enable it to restructure as a holding company.