Buying Interest in Financial Stocks Drives Midday Gain on NGX
With relatively healthy buying interest, GTCO, Access Holdings and UBA Plc were among other Nigerian banking names driving momentum on the Nigerian Exchange (NGX) during early trading hours on Wednesday.
The equities market has been launched into the green trade ahead of second quarter earnings season and banking capital raise exercises.
Again, demand for financial stocks heat up the local bourse after positive outturn yesterday. In its midday update, Alpha Morgan Capital Limited said the NGX All Share Index witnessed a positive trend, showing a gain of 0.07%.
Stockbrokers at the investment firm attributed the uptrend to buying interest in some mid- to high-cap banking sector stocks. The early risers include GTCO 2.17%, FIDELITYBK 2.00%, FCMB 1.99%, UBA 1.10%, FBNH 0.68%, and others.
Details showed that GTCO has climbed by 2.17%, trailed by Fidelity Bank Plc, which has gained 2%. FCMB is tracking closely with 1.99% intraday gain. UBA and FBNH stocks have appreciated by 1.1% and 0.68%, respectively.
With the bargain hunting, the NGX Banking Index had gained 0.78% as of mid-day. #Buying Interest in Financial Stocks Drives Midday Gain on NGX Jigawa Govt, Bank of Industry Sign N6bn Partnership
