BIG BANKS join rally and push stocks up 3.56%   

Jan 9 (Lagos) - What was missing from the on-going stock market rally was found today as the big banks finally participated in the rally and that pushed the all stock index higher by more than 3.5% by the close of day. 

Firstly, the pumping continued in TRANSCORP and TRANSCORPHOT while investors wonder what is really fueling the gains here unless the financial results are going to be a blow-out. Others think there might be some un-bundling of businesses which could create value. Both stocks are up much more than 1000% each over the last year. 

GT Bank ( GTCO ) & Zenith ( ZENITHBANK ) rose by 10% each to close at N 48.20 and N 47.35 respectively. The third bank that achieved a trillion Naira valuation this week UBA remained the most in-demand stock at the exchange today and gained 10% as well. We are talking high volumes here and ACCESSCORP , FIDELITYBK , FCMB , WEMABANK , JAIZBANK & UNITYBNK were in high demand today as well. 

Insurance companies are also beginning to join the rally meaningfully and today gains were broadly shared between AIICO , MBENEFIT , CORNERST , VERITASKAP , MANSARD , WAPIC among others. Some weaker Insurance company stocks declined today like SUNUASSUR and PRESTIGE assurance plc. 

Some other stocks that rose today were WAPCO , OANDO , AFRIPRUD , ELLAHLAKES and even OMATEK among others while TOTAL stock declined 10% today at close. 

reporting for on Tuesday, January 9 2023 from Lagos, Nigeria
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