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Banks sustain positive outlook on NGX




Market breadth was positive, with 40 gainers and 21 losers. Trading activity improved, with total deals and traded volume increasing by 40.55 per cent and 2.27 per cent, while traded value declined by 21.99 per cent to N12.94bn.

The Insurance index led gainers with a 3.06 per cent increase, followed by the Oil/Gas and Banking indexes with gains of 0.24 per cent and 0.17 per cent respectively. Conversely, the Consumer and Industrial Goods sectors experienced declines of 0.15 per cent and 1.10 per cent due to sell-offs.

Jaiz Bank emerged as the most traded security by volume with 35.38 million units worth N58.74 million, changing hands in 203 trades, while Geregu led in traded value at N6.06bn.

Fears of a run on the banks did not materialize despite concerns arising from the Central Bank of Nigeria special investigator report, which alleged that former CBN governor, Godwin Emefiele, used his cronies to acquire some banks. Some banks’ branches revealed that operations ran as usual, with the exception that most banks’ Automated Teller Machines were not loaded with cash as of Wednesday morning.

The CBN allayed fears about the security of customers’ deposits in a statement issued on Wednesday, stating that “Nigerian banks remain safe and sound.”