First Holdco, Zenith Bank Intraday Rally Boost Equities Market Index
First Holdco Plc, Zenith Bank, and GTCO’s intraday rally have lifted the Nigerian Exchange (NGX) All-Share index by four basis points due to improved investors’ sentiment in banking names.
The majority of bargain hunting was driven by renewed interest in financial stocks following a downbeat market performance at the beginning of the week.
Still, stockbrokers said the market condition hasn’t improved enough to reduce offshore investors latest selloffs. Also, analysts noticed that some high-ticket transactions have been consummated outside the NGX trading platform to curb significant price decline.
At midday, the NGX All Share Index experienced a slight upward movement, posting a gain of 0.04%, Alpha Morgan Capital Limited told investors in an emailed note on Tuesday. Stockbrokers said the uptick was driven by the buying interest of investors in some high-capitalized banking stocks.
Top gainers during the intraday trading on NGX include FIRSTHOLDCO (6.16%), ZENITHBANK (2.31%), GTCO (1.91%), ACCESSCORP (1.70%), UBA (1.62%), and ETI (1.36%), among others. #First Holdco, Zenith Bank Intraday Rally Boost Equities Market Index
