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CBN Investigation: Banks sustain positive outlook on NGX

On the Nigerian Exchange Limited (NGX), banking stocks showed a positive trend despite the overall market shedding N139 billion in value on the first trading day after the Christmas holiday. The NGX All-Share Index and market capitalization both experienced a 0.34 percent dip, settling at 73,768.64 and N40.367 trillion respectively, which brought the year-to-date gain of the ASI down to 43.94 percent.JAMB Portal

Interestingly, the banking index on the NGX saw a marginal increase, moving up to 889.15 on Wednesday from 887.60 on Friday. This growth in the banking sector was reflected in the performances of several banking stocks. FCMB Group’s shares rose by 4.79 percent, Fidelity Bank by 0.95 percent, Guaranty Trust Holding Company Plc by 0.50 percent, and Jaiz Bank Plc by 8.75 percent. Unity Bank Plc appreciated by 2.50 percent, Zenith Bank by 0.26 percent, and Access Holdings Plc by 0.22 percent.JAMB Result

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However, not all banking stocks experienced gains. Stanbic IBTC Holdings saw a 6.01 percent decrease in share value, Sterling Financial Holdings Company Plc dropped by 1.11 percent, FBN Holdings Plc lost 1.04 percent, and United Bank for Africa declined by 0.39 percent. Ecobank Transnational Incorporated and Wema Bank closed flat.

The market sentiment, measured by market breadth, was overall positive with 40 gainers against 21 losers. Nonetheless, there were sell-offs in certain stocks like UAC Nigeria, DEAPCap, Caverton, Royal Exchange, and Tantalizer, which saw significant drops in their share prices.

Trading activity showed improvement with total deals and traded volume increasing by 40.55 percent and 2.27 percent respectively. However, the traded value declined by 21.99 percent to N12.94 billion.

In terms of sector performance, the Insurance index led the gainers, followed by the Oil/Gas and Banking indexes. Conversely, the Consumer and Industrial Goods sectors saw declines due to sell-offs.

Jaiz Bank emerged as the most traded security by volume, and Geregu led in traded value. The top gainers included stocks of Eterna, Axa Mansard, and Multiverse.InformationGuideNigeria

Despite previous concerns of a potential run on the banks following a Central Bank of Nigeria special investigator report implicating the former CBN governor, Godwin Emefiele, in alleged malpractices, operations at various bank branches appeared normal. Most banks’ ATMs, however, were not loaded with cash as of Wednesday morning. The CBN, through its acting Director of Corporate Communications, also reassured the public about the security of customers’ deposits.

The statement issued on Wednesday said, “The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.NYSC Portal

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“For the avoidance of doubt, Nigerian banks remain safe and sound. The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.”

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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