Stanbic IBTC, BUA Foods Drive Intraday Rally on NGX
Stanbic IBTC and BUA Foods Plc are among the top companies gaining momentum in the Nigerian Exchange (NGX) trading platform during the intraday trading session on Monday.
The stock market rallied for four out of five trading sessions last week, spurred by demand for insurance names in anticipation of recapitalisation in the industry.
BUA Foods Plc is still taking the lead, with 5% free float in the local bourse, and buying momentum is seen in Tier 2 lender Stanbic IBTC, with a steep price uptick.
UBA is the only Tier-1 bank gaining attention, but the market is seeing support from Sterling Financial Holdings and United Capital Plc.
At midday, the NGX All Share Index has increased by 0.43%, Alpha Morgan Limited told investors in an emailed note, reflecting a bullish market sentiment.
Stockbrokers reported that the positive performance was driven by renewed investor interest in some mid- to high-capitalized stocks.
Trading data revealed that STANBIC has seen 9.90% price appreciation, leading the midday rally that pushed the market index higher by 43 basis points.
Other gainers include BUAFOODS (2.28%), NASCON (1.40%), UCAP (1.04%), NAHCO (0.96%), STERLINGNG (0.60%), and UBA (0.21%), among others. # Stanbic IBTC, BUA Foods Drive Intraday Rally on NGX. #Stanbic IBTC, BUA Foods Drive Intraday Rally on NGX#
