First Bank ends NGX losing streak, settles at 101, 362.38 index points

The major Nigerian stock market closed bullish, with an increase of 301.71 points. However, the market breadth was negative.

The NGX All-Share Index advanced by 0.30% to close at 101,362.38 index points, compared to the previous day’s loss of 1.30% to close at 101,060.67 index points. The NGX Market valuation also recorded a gain of N165.09 billion

This was partly due to buying pressure in the Industrial, and Oil & Gas sectors. Consequently, the NGX All Share Index gained +0.3% and settled at 101, 362.38 points.

The total volume traded advanced by 18.19% to close at N302.74 million, valued at N6.55 billion and traded in 8,611 deals. FBNH was the most traded stock by volume and value, with N39.38m and N1.10 billion units traded.

The market breadth index was negative as we had 11 gainers and 43 losers. Today’s gainers were led by FBNH PLC (+9.96%), while the top loser was OKOMUOIL(-10%).

Other top gainers include JULI(+9.6%) while other bottom losers include: MORISON(-9.69%) In terms of activity levels, total volume increased by +18% to 302.5million units worth N6.55billion the local bourse appreciated due to buying pressure in the Industrial sector, and Oil & Gas sectors.

Significantly, the parent company of First Bank, FBNH, saw a notable 149.6% growth in non-interest income to N566.99 billion. This increase was mostly due to higher earnings from investment securities, which more than compensated the net losses from foreign exchange revaluation.

In contrast to the significant gains reported by Tier-1 banks, the financial services group’s foreign exchange losses increased 401.9 times year over year to N375.88 billion in its most recent assessment.

Impairment charges increased dramatically in 2023 as a result of the devaluation’s impact on foreign currency impairments; they went from N68.6 billion in 2022 to N200.4 billion, a 192.1% annual increase.