GTCO, OANDO Intraday Rally Boost Market Index
An intraday rally in GTCO, OANDO Plc, and some other mid-cap stocks boosted the Nigerian Exchange (NGX) All-Share Index, or the market index, on Wednesday.
The market opened the trading session on Wednesday strong with some price uptick in banking and oil and gas names in the local bourse. The industrial index is making an uptrend, and stockbrokers anticipated the Nigerian Exchange could actually reach N79 trillion—its highest market cap ever.
Apart from banking stocks, which have become attractive at the respective valuation, investors also show interest in Oando. The energy stock has already attained maximum allowable price surge for the day. Lafarge experienced mild demand, and International Breweries is up.
At midday, the NGX All-Share Index rose by 0.17%, Alpha Morgan Capital Limited told investors in an emailed note, indicating an upward trend. Stockbrokers said this positive movement was driven by investor interest in some mid- to high capitalized stocks.
Top gainers include OANDO (10.00%), GTCO (1.47%), ACCESSCORP (0.69%), UBA (0.58%), VFDGROUP (0.56%), INTBREW (0.50%), ZENITHBANK (0.21%), WAPCO (0.06%), among others. #GTCO, OANDO Intraday Rally Boost Market Index Benchmark Yield on Nigeria’s Bonds Falls in Post-Auction Rally
