Gains in Tier-one banks sustain bullish run in equities market

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BY BAMIDELE FAMOOFO

Extending gains for the fifth consecutive session, the Lagos bourse closed higher on Tuesday as the benchmark index gained 0.04 percent to settle at 49,416.18 points.

Gains in Tier-1 banking names ZENITHBANK (+1.04%) and GTCO (+0.23%), were the main drivers of the market’s overall performance, outweighing losses in NB (-0.53%) and FBNH (-1.38%).

As a result, the year-to-date return rose to 15.68 percent while the market capitalization rose by N10.97bn to close at N26.92tn.

Analysis of Tuesday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 1.77 percent.

A total of 100.09m shares valued at N1.30bn were exchanged in 3,186 deals. GTCO (+0.23%) led the volume and value charts with 16.44m units traded in deals worth N354.75m.

Market breadth closed negative at a 1.44-to-1 ratio with declining issues outnumbering advancing ones.