Banking Stocks Drive Midday Rally in Equity Market
Banking stocks are driving midday rally in the equity market after the local bourse reported a huge capital appreciation that lifted value of listed companies above N88 trillion.
Bargain hunting persisted during intraday session on Thursday amidst earnings releases and interim dividends declarations.
Investors are opening positions across banking names, and some industrial stocks are also making uptrend.
Stockbrokers said buying interest in expected to continue as yields in fixed income market fell amidst high interest rate environment.
Based on pattern, companies earnings have been impressive given that many listed entities are coming from low based after FX pressures. Consumer sector is healing with strong earnings record in the first half of 2025.
At mid-day, the NGX All-Share Index posted a marginal gain of 0.04%, Alpha Morgan Capital Limited said in an emailed note, indicating a positive market sentiment.
Stockbrokers reported that the slight uptick was supported by renewed buying interest in some mid to high capitalized stocks.
Top gainers unclude WEMABANK 10.00%, NASCON 8.11%, DANGSUGAR 5.41%, UBA 3.85%, STERLINGNG 1.49%, ACCESSCORP 1.45%, ZENITHBANK 0.73%, FIDELITYBK 0.24%, MTNN 0.19%, GTCO 0.05%, among others. #Banking Stocks Drive Midday Rally in Equity Market#
