Gains by insurance and banking stocks helped to sustain the positive performance of the stock market yesterday after a rebound the previous day. The market had on Wednesday halted a bear rally that lasted for days, rising by 0.15 per cent.
But the market extended the positive performance yesterday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) gaining 0.53 per cent to close at 29,347.62, while market capitalisation added N57.9 billion to close at N11.0 trillion. Thus, the sustained growth has moderated the year-to-date decline to 6.6 per cent.
A total of 15 stocks appreciated compared with seven price losers. And out of the 15 gainers, 12 were insurance and banking stocks. NEM Insurance Plc and Niger Insurance Plc led the price gainers with 10 per cent apiece, trailed by Fidelity Bank Plc with 8.7 per cent. United Capital Plc went up by 6.5 per cent, while FBN Holding Plc gained 6.1 per cent. Veritas Kapital Assurance Plc chalked up 5.0 per cent.
Other to price gainers included: Glaxosmithkline Consumer Nigeria Plc(4.6 per cent); CHI Plc (4.3 per cent); Lafarge Africa Plc (3.9 per cent); FCMB Group Plc (3.2 per cent); and Access Bank Plc(2.5 per cent).
Access Bank Plc recently unveiled a new logo after its merger with Diamond Bank Plc. The new bank has 592 branches, 27,000 staff, 29 million customers and over 3,000 Automated Teller Machines (ATMs) onshore and offshore, spanning three continents and 12 countries.
Speaking on the development, Executive Director, Personal Banking, Access Bank Plc, Victor Etuokwu, said:“It (the new bank) fuses together the best of Access Bank and Diamond Bank. It builds on the layers of meaning that were built into two iconic brands. Diamond Bank’s was youthful, vibrant and human. The diamond shape is fused into the three chevrons, which radiate in all directions to create layers around a core. The retention of the access typeface, colour and font is complemented by the orange logo, which draws from the colour palettes of both banks.
“The use of the diamond colour palette is further emphasised with the dominance of green in its retail application, ensuring continuity for retail customers, while the dominant orange in the corporate application provides the same sense of familiarity to Access Bank’s customers.”