AIICO, PZ Lead Intraday Rally, Nigerian Exchange Index Jumps
AIICO Insurance, PZ Cussons are among top gainers during intraday trading session on Nigerian Exchange (NGX). The soft rally is supported by bargain hunting in banking stock with notable influence from UBA and Zenith Bank at the time of writing.
The local bourse has been fluctuating as investors continue to rotate positions, but stockbrokers told MarketForces Africa that there are some stocks that are in oversold territory and thus have the potential to rally.
During the intraday trading session, Zenith Bank has climbed slightly, with UBA staying in the green, while Fidelity Bank is also keeping an uptrend after the previous day’s loss.
Investors showed interest in AIICO Insurance amidst industry recapitalisation and AXA Mansard is also gaining fresh attention after its earnings forecast was released yesterday.
At midday, the NGX All Share Index witnessed a gain of 0.12%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a bullish market sentiment.
Stockbrokers said this uptick was driven by investor interest in some mid to high capitalized stocks. Top intraday gainers include AIICO 6.53%, PZ 5.11%, INTBREW 4.07%, OANDO 2.11%, FIDELITYBK 0.74%, UBA 0.53%, MANSARD 0.51%, ZENITHBANK 0.23%, NB 0.15%, among others. #AIICO, PZ Lead Intraday Rally, Nigerian Exchange Index Jumps Fidelity Bank Drops as Earnings Delay Stokes Pressure
