The Nigerian Stock Exchange Banking Index at the close of trading activities for the week ended 26th of February 2021, appreciated by 0.69% to close at 382.76 index points, despite a general decline in the NSE ASI.
According to data obtained from the Nigerian Stock Exchange, the positive performance of the index was driven largely by appreciation in the share price of Zenith and Stanbic IBTC during the period under review.
The NSE banking index closed the week at 382.76 index points, 2.63 index points higher than a week ago when it closed at 380.13 index points.
On the other hand, the recent data also revealed that the financial services industry led the chart by volume with 1.450 billion shares valued at N15.070 billion traded in 14,236 deals; thus contributing 75.11% and 72.96% to the total equity turnover volume and value respectively.
The overall performance of most listed companies was bearish, reflected by a decline in the NSE All Share Index by 0.96% for the week under review. Similarly, all other indices finished lower with the exception of NSE Banking, NSE AFR Bank Value, NSE MERI Growth and NSE Oil/Gas Indices which rose by 0.69%, 1.34%, 0.66% and 0.97% while the NSE ASeM and NSE Growth Indices closed flat.
What you should know
- The NSE Banking Index is designed to provide an investable benchmark to capture the performance of the banking sector, this index comprises the most capitalized and liquid companies in banking. The index is based on the market capitalization methodology.
- It comprises of ten banking firms listed on the Nigeria Stock Exchange, e.g. FBN, Zenith, Wema, Access etc.
- Trading in the top three equities by volume for the week, Wema, Zenith and FBN accounted for 782.167 million shares worth N8.914 billion in 4,624 deals, contributing 40.52% and 43.15% to the total equity turnover volume and value respectively.
The top gainers in the financial services category for the week are;
- Royal Exchange Plc up by 8% to close at N0.27
- Sovereign Trust Insurance Plc up by 8% to close at N0.27
- Stanbic IBTC up by 3.36% to close at N40.0
- Zenith Bank Plc up by 3.04% to close at N25.45
