BUAFOODS, FBNH, OANDO Record Early Gains in Equities Market
BUA Foods, FBN Holdings, Oando shares are currently driving momentum in the equities segment of the Nigerian Exchange (NGX) during early trade hour on Monday.
BUA Foods whose majority shares are held by its founder and group chairman Abdul Samad Rabiu is cross to become one of the 13 digits listed companies in the local bourse. Oando Plc is also popping up after huge buying interest in the equities market last week.
The oil stock latest rally forced investment banking firm CardinalStone to switch from underweight to overweight on the company stock. “…outperformance was driven primarily by the tactical decision to re-enter OANDO at an overweight position in light of the renewed momentum in the ticker”, CardinalStone said in a note on Monday.
However, the firm lowered weight in DANGSUGAR back to a strong underweight position, given the profit-taking activities that ensued.
FBN Holdings is struggling to keep uptrend with latest price depreciation following selling spree. The financial services group ended the week at N730 billion in market valuation, a significant discount below its 52-week high.
At mid-day, the NGX All share Index exhibited a bullish trend, reflecting a gain of 0.65%, Alpha Morgan Capital Limited said in a note.
Stockbrokers said the upward movement is attributed to buying sentiment of investors in some mid to high capitalized stocks. Data from the Nigerian Exchange showed that OKOMUOIL has gained 9.99%, trailed by OANDO which popped higher by 9.93%.
In a surprise development, FBNH also saw 6.14% increase in market valuation while BUAFOODS is up by 5.73%, among others. Also, the NGX Banking index had remained unchanged as at mid-day, stockbrokers said. #BUAFOODS, FBNH, OANDO Record Early Gains in Equities Market
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