The Nigerian banking sector was unaffected by losses induced by hunger protests, which rocked some parts of the country on the trading day that commenced on August 1, 2023.
Tracked by the NGX banking index, price action on the sector appreciated by +0.42%, ending at N804.77 from an opening price of N801.43.
Daily trading volume on the sector’s index remained unfazed, closing at 452.45 million at a value of 6.13 billion, while other sectors struggled with gains.
At a steady market volume, the NGX banking index is gearing towards a return to a strong buy-directional bias after dipping to a low of N774.35 in April 2023.
Other indices, ASI in the red:
The hunger protest began in some parts of the country on August 1, 2024, halting economic activities.
Movement and trade were majorly impacted as most NGX sectors fell, closing in the red.
Tracked by index NGSEFBT10, the NGX Food/Beverages & Tobacco sector took the worst hit, falling by -0.55% from its opening price.
The NGX Oil & Gas sector was the least affected, closing by -0.05% from an opening price of N1,520.65.
Also, the capitalization-weighted index, NGX All Share, fell slightly by -0.42% from an opening price of N97,774.22.
Market Outlook:
- Since closing at a low of N21,300.47 in March 2020, the NGX All Share Index, which tracks the performance of listed equities in the country, has been on a strong buyside ascent.
- Recently, it closed at a high of N104,562.06 in March 2024, beating Argentina’s Merval Index to the title of “best-performing” stock.
- However, the index is currently going through a slight retracement at N97,359.76, with the potential to surge upwards when bullish momentum returns.