Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

NGX Banking Sector Exhibits Recovery Signs, Outperforms Other Sectors

Nnaemeka OkwarabyNnaemeka Okwara
August 28, 2024
in Business & Finance
0
NGX Banking Sector Exhibits Recovery Signs, Outperforms Other Sectors
Share on FacebookShare on TwitterShare on Whatsapp

The NGX Banking sector tracked by the NGSEBNK10 index, has shown a significant recovery trend over the last 14 weeks, having rebounded from a 24% decline recorded in April. There are signs that this sector may return to its March high of 1,029 points as it experiences positive price movements and increased trading volume.

Individual stocks are driving the sector’s recovery, with indicators that large-cap bank stocks are on their way back up, pushing positive price action as well. This can be observed through the trade volumes of FUGAZ stocks (First Bank, UBA, Zenith Bank, Access Bank, and GTBank). Trading between FUGAZ stocks has contributed greatly to the index’s monthly trade volumes. For instance, trading volumes for First Bank, UBA, and Zenith Bank alone reached 49 million shares on August 27th, making up 73% of the total weekly trade volume.

In August, the NGX Banking sector performed better than most other sectors, alongside the Oil & Gas and Insurance indices. The banking index followed closely after the Insurance and Oil & Gas indices, recording a positive performance, according to the market report for the week ended August 23rd, 2024.

During the same period, the Oil & Gas index gained 3.54%, while the Insurance index improved by 1.90% relative to the previous week’s closing price. The Banking sector index made modest gains of 0.37%.

In contrast, the Consumer Goods and Industrial Goods sectors finished the week with negative performance, with the latter falling by 4.94% compared to the previous week. The Consumer Goods index also recorded a decrease of 1.42%.

The NGX Banking index has reflected a similar trend as the all-share index, which had also dropped by up to 6% in April.

However, unlike the all-share index, the banking index has started recovering from the losses made in April, albeit at a slow pace.

Tags: Banking sectorfederal characterNewsNGXNGX Banking Sector Exhibits Recovery SignsOutperforms Other SectorsSigns
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

Ojulari Says Cooking Gas Price Surge Was Fake
Business & Finance

Ojulari Says Cooking Gas Price Surge Was Fake

October 6, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 6, 2025
Maryland Pays $340m To Conowingo Dam Owner
Business & Finance

Maryland Pays $340m To Conowingo Dam Owner

October 5, 2025
Next Post
Ongoing Protest in Canada as 70,000 Overseas Students Face Deportation

Ongoing Protest in Canada as 70,000 Overseas Students Face Deportation

Nigerian Woman in Canada Advocates for Harm Against South-Westerners and Edo People

Nigerian Woman in Canada Advocates for Harm Against South-Westerners and Edo People

FG Returns Zimbabwean Cleric For Violating Immigration Laws

FG Returns Zimbabwean Cleric For Violating Immigration Laws

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Revolutionary Drug Obliterates Cancer.

Revolutionary Drug Obliterates Cancer.

3 years ago
Say Bye To Flatly Baked Pastries With This Essential 3 Baker’s Checklist

Say Bye To Flatly Baked Pastries With This Essential 3 Baker’s Checklist

1 year ago
Stanley Ontop Dispels Rumors of Alex Ekubo’s Illness, Cites Media Toxicity

Adunni Ade Slams Viral False Quote Linking Her Beauty to Being Unmarried

4 months ago
Japa: Sweden Will Reimburse $34,000 For Immigrants Return

Japa: Sweden Will Reimburse $34,000 For Immigrants Return

1 year ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Lebanon Mourns as Israeli Strike Wipes Out Family Again

Ojulari Says Cooking Gas Price Surge Was Fake

Macron Loses Another Ally as France’s Shortest-Serving PM Walks Out

Jilly Cooper, Queen of Racy Fiction, Passes Away at 88

Portable Calls for Crackdown on Pranksters After Airport Scuffle

BBNaija Finale Result Questioned by Delta Gov Aide

Trending

Epstein Case: Does the Supreme Court's Ruling End Ghislaine Maxwell's Legal Battle?
Government

Epstein Case: Does the Supreme Court’s Ruling End Ghislaine Maxwell’s Legal Battle?

bySomto Nwanolue
October 6, 2025
0

The US Supreme Court’s decision to let Ghislaine Maxwell’s conviction stand is being framed as the final,...

Who is 'Captain Tesha' and Why Did His Video Prompt a Tanzania Army Warning?

Who is ‘Captain Tesha’ and Why Did His Video Prompt a Tanzania Army Warning?

October 6, 2025
Untold Mentorship of Wizkid That Shaped Seyi Shay

Untold Mentorship of Wizkid That Shaped Seyi Shay

October 6, 2025
Lebanon Mourns as Israeli Strike Wipes Out Family Again

Lebanon Mourns as Israeli Strike Wipes Out Family Again

October 6, 2025
Ojulari Says Cooking Gas Price Surge Was Fake

Ojulari Says Cooking Gas Price Surge Was Fake

October 6, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Epstein Case: Does the Supreme Court’s Ruling End Ghislaine Maxwell’s Legal Battle?
  • Who is ‘Captain Tesha’ and Why Did His Video Prompt a Tanzania Army Warning?
  • Untold Mentorship of Wizkid That Shaped Seyi Shay

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com