Transcorp, Tier-1 Banks Drive Intraday Gain on NGX
Transcorp Plc, and Zenith Bank, UBA and FCMB are among top stocks driving intraday momentum in the equities segment of the Nigerian Exchange, NGX, on Tuesday as investors’ sentiment remains upbeat.
The local bourse is trading positive after mixed performance posted yesterday. The new shares listed by Zenith Bank raised equities market capitalisation above N66 trillion, though key index slipped on the day.
Reflecting renewed interest in some value stocks, demand has started heating up on the exchange ahead of anticipated consumer price index rebasing. At mid-day, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.14%, Alpha Morgan Capital Limited told investors.
Stockbrokers attributed to buying interest of investors in some mid to high capitalized stocks. Top intraday gainers include TRANSCORP (9.64%), FCMB (3.48%), STERLINGNG (3.07%), UBA (2.36%), ZENITHBANK (0.39%), among others.
Elsewhere, US equity futures were lower Tuesday as traders looked ahead to key inflation reports due later in the week. The Dow Jones Industrial Average futures slipped 0.2%, S&P 500 futures declined 0.3%, and NASDAQ futures were down 0.4%.
Investors are keeping an eye on the consumer price index report scheduled for release on Wednesday, which will be followed by the producer price index on Thursday. Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.5% at $76.97 per barrel and US West Texas Intermediate crude up 1.4% at $73.33 per barrel.
Federal Reserve Chair Jerome Powell is scheduled to speak before the US Senate Committee on Banking, Housing, and Urban Affairs for the first day of his semiannual monetary policy testimony. # Transcorp, Tier-1 Banks Drive Intraday Gain on NGX
