Oando, Transcorp Drive Midday Gain on Nigerian Exchange
Oando, Transnational Incorporation and banking names are driving midday gain on the Nigerian Exchange (NGX) on Friday amidst flood of earning releases from listed companies.
The market has seen rapid weight loss in the past days due to risk off sentiments triggered by increase in benchmark interest rate by the monetary policy committee of the Central Bank.
Most investors exited their positions in banking names while insurance stocks were priced lower amidst earnings festival in the local bourse.
At mid-day trading, the NGX All share Index trended bullish showing a gain of 0.01%, Alpha Morgan Capital Limited told investors in an emailed note at noon.
Stockbrokers said this upward trajectory is as a result of buying interest in some mid to high capitalized stocks.
Following an approval obtained to acquire 100% of Agip oil, OANDO saw strong buying interest, and share price gained 8.92% during early trading hour on the Nigerian bourse.
United Capital Plc Ticker: UCAP has seen 2.63% price appreciation at the time of filing this report for publication, TRANSCORP has also gained 1.28% while UBA has surged by 0.24%, and ACCESSCORP has lost 0.15%. #Oando, Transcorp Drive Midday Gain on Nigerian Exchange
