Banking Names Drive Intraday Gain in Equities Market
Banking names are trending positively in the equities market at noon. With strong buying momentum, the banking index is trending positively during intraday trading on the Nigerian Exchange (NGX) platform.
Data from the local bourse showed there is an ongoing positioning in Tier-1 banks stock, with some mild buys in smaller names. The market has been on a downward trend for the past six trading sessions due to weak investors sentiments amidst earnings releases.
At midday, the NGX All Share Index witnessed a positive trajectory, reflecting a gain of 0.03%, Alpha Morgan Capital said in a note. Stockbrokers stated that the upward movement is a result of the buying sentiment of investors in some mid- to high capitalized stocks.
During the midday session, ACCESSCORP has already gained 4.67%, ZENITHBANK is up by 3.44%, and UBA has been priced higher by 1.88%. Also, FIDELITYBK has gained 1.39%, FBNH is up by 0.75%, and others.
The NGX Banking Index, tracking Nigeria’s biggest banks, has seen strong gains in the year. Investors are closely watching the November 26 policy meeting, where another rate hike could further enhance the profitability outlook for Nigeria’s banking sector. #Banking Names Get Investors Attentions in Equities Market Equities Investors Wealth Rises as Nigerian Exchange Rally
