FBN Holdings, Access Bank consolidate positive rally, despite drop in market capitalization at NGX

Despite further depreciation in market capitalization twice this week, stocks of FBN Holdings, Access Bank have continued their positive rally on the activity chart for the second consecutive day of trading on the floor of the NGX, at the close of Wednesday business.

While the market capitalization again dropped to N20.526 trillion from Tuesday’s N20.451 trillion, representing a loss for investors of N24 million after Wednesday trading, the All-Share Index (ASI) also depreciated by 0.1% or 39,204.52 absolute points compared to 39,251.29 basis points recorded the previous day.

On a day which saw total volume of 354. 06 million units of shares valued at N3.20 billion swapping hands in 4,095 deals, and the margin closing between gainers and losers by 15 and 16, respectively, from Tuesday’s huge gap, stocks of some firms remained positive despite the negative outlook.

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Regal Insurance Plc led the gainers’ chart with N0.04k gain to close at N0.51k, closely followed by Universal Insurance Plc with a price gain of N0.01k to close at N0.21k, while Sovereign Trust Insurance Plc also gained N0.01k to close at N0.25k.

On the losers’ chart, SCOA led with a price loss of N0.14k to close at N1.30k, followed by Veritas Kap with a closing price of N0.21k after losing N0.02k and Mansard Insurance Plc, which lost N0.05k to close at N0.83k.

For the second consecutive trading day, transactions in the shares of FBN Holdings rallied activity chart trading 86.005 million shares valued at N640.875 million, with Access Bank Plc closely rtrailing with 71.068 million shares valued at N671.343 million, while Universal Insurance sold 22.318 million shares valued at N4.515 million.

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