Big Banks’ Stocks Drive Intraday Rally in Equities Market
Investors’ buying interest in big bank stocks is currently pushing the Nigerian Exchange (NGX) All-Share Index (ASI) up north, trading details from the local bourse show.
The market is gaining and sustaining the bullish momentum that started on Monday. The equities market capitalisation surged by about N173 billion, and it appears investors are not done.
During the intraday trading session. Stockbrokers are executing a series of buy orders—most of the Tier-1 bank stocks are driving the intraday growth due to their sizes.
The market also sees interest in Nigerian Breweries, including bargain hunting in International Breweries and Guinness Nigeria Plc—on the hope of better earnings performance, an expectation that is supported by easing macro uncertainties.
The largest financial services company by market capitalisaition, GTCO Plc, is uptrending, and Oando’s gain has added additional layers to the NGX index upswing after its persistent price decline in recent times.
At midday, the NGX All-Share Index increased by 0.07%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a modest upward movement. Stockbrokers said this positive performance was fueled by investors buying interest in some mid- to high-capitalized stocks.
Top intraday gains include ETI (10.00%), STERLINGNG (5.36%), GUINNESS (4.65%), INTBREW (2.59%), GTCO (2.10%), NB (1.93%), OANDO (1.29%), ACCESSCORP (0.45%), FIDELITYBK (0.26%), and ZENITHBANK (0.10%), among others. # Big Banks Drive Intraday Rally in Equities Market Nigeria’s Banking Sector Stable, CBN Reassures Nigerians
