Oando, Banking Stock Drive Midday Gain on Nigerian Exchange
The Nigerian Exchange All Share Index (NGXASI) is trending positively during early trading hours due to renewed demand in Oando Energy and banking stocks. The Lagos bourse is blazing through the day over improved buying sentiment post-inflation rate release.
The local bourse closed positively last week with more than N295 billion in weekly gain despite mixed outings and portfolio rebalancing. Investors increased positions while digesting the consumer price index, which showed inflation accelerated faster to 33.88% in October.
Most of the buying interest were on sectoral names, including banking, insurance, and the oil and gas index, though moderate bargain hunting was also witnessed in some consumers’ goods.
At midday, the NGX All Share Index experienced a positive trend, reflecting a gain of 0.03%, Alpha Morgan Capital Limited said in a note today. Stockbrokers stated that this upward movement is a result of the buying sentiment of investors in some mid- to high-capitalized stocks.
A look on the Nigerian Exchange trading platform showed that OANDO has seen a 2.15% uptick during the midday session while FBNH has gained 0.54%. United Capital Plc (Ticker: UCAP) is up by 0.30%, and the market has pride ZENITHBANK higher by 0.12% #Oando, Banking Stock Drive Midday Gain on Nigerian Exchange Naira Depreciates Ahead of 2-Week Automated FX Trading Trial
