Nigerian bourse rises on banking stocks to two-year highs on Tuesday

Nigeria’s bourse benchmark index, All-Share Index hit two-year highs on Tuesday on the wings of banking shares as it rose by 2.54 per cent, adding 35,000-point level to post its second consecutive day of gains.
The All-Share Index closed at 35,533.00 against the previous close of 34,652.52. Volume traded increased by 74.79 per cent from 293.751 million to 513.445 million, while the total value of stock traded increased by 49.32 per cent from ₦3.949 billion to ₦5.897 billion in 5,378 deals.
The Financial Services sector led the activity chart with 405.464 million shares exchanged for ₦4.023 billion. Conglomerates came next with 53.748 million shares traded for ₦0.122 billion, Consumer Goods, Healthcare, Services sectors followed in that order on the activity chart.
UBA, Transcorp, Access, Zenithbank and Fidelitybk were the most active stocks by volume. UBA, Maybaker, FO, UBN and Mansard emerged the highest price gainers on the chart, while Unitybnk, Morison, Firstalum, Redstarex and Neimeth topped the losers chart.
Dangote Cement, which accounts for a third of total market capitalisation, gained 4.9 percent, while Forte Oil rose 9.39 percent and United Bank for Africa climbed the maximum of 10 percent.
Other gainers included Union Bank, up 9.21 percent, Flour Mills of Nigeria up 4.98 percent, Oando up 4.67 percent and Fidelity Bank up 4.76 percent.