Nigerian Stocks See Sharp Intraday Rally, Indexes Spike
The Nigerian stock marker All-Share Index pops during the intraday trading session as investors increase bets on MTN Nigeria, Ecobank Transnational Incorporation (ETI), and other valued stocks.
The rally is significant enough to push the Nigerian stock market capitalisation to N86 trillion, reflecting an untamed appetite for risky investment. Other early risers in the local bourse include some banking heavyweights like GTCO, Zenith, and UBA. The industrial index is gained support as Dangote Cement gained attention after earnings beat.
At the noon, the stock market key performance indicators have gained traction, which could be difficult to upturn even with sell pressures on bellwethers. The intraday rally cut across sectoral indexes, with banking sectors and consumer goods popping higher amidst earnings releases.
At midday, the NGX All-Share Index posted a notable gain of 1.53%, Alpha Morgan told investors in an emailed note, indicating strong bullish sentiment in the market.
Stockbrokers said this positive performance was fueled by renewed buying interest in several mid to high capitalized stocks. Top intraday gainers include MTNN (9.99%), VFDGROUP (7.69%), ETI (7.65%), CADBURY (5.26%), DANGSUGAR (5.01%), STERLINGNG (4.96%), and NASCON (4.55%).
Other performers include PZ (3.91%), WAPCO (3.10%), GTCO (3.08%), FCMB (3.06%), DANGCEM (2.93%), FIDELITYBK (2.38%), UBA (0.75%), NB (0.49%), STANBIC (0.35%), and ZENITHBANK (0.34%), among others. #Nigerian Stocks See Sharp Intraday Rally, Indexes Spike Cement: Dangote, BUA, Lafarge Revenue Rises by 31% to N3.2trn
