The Nigerian Exchange Limited (NGX) banking index has shown a strong growth of 17.38% year-to-date, reflecting the increasing value of banking stocks. Key players like AccessCorp, FCMB, GTCO, UBA, and Zenith Bank saw significant gains as investors increased their activity in the sector. Notably, AccessCorp, UBA, and United Capital led in share volume and value, contributing substantially to the equity turnover.
The surge in banking stock values is attributed to improved earnings from the banks, an increase in foreign exchange reserves, and growing investor confidence. Analysts, including Mike Eze of Crane Securities, suggest that positive earnings reports and market information have fueled the sector’s growth, attracting further investments.
The Financial Services Industry led market activity with over 1 billion shares traded, while the Oil and Gas and Consumer Goods sectors also saw notable activity. This robust performance highlights the banking sector’s resilience and growth prospects within Nigeria’s capital market.
