AIICO Insurance, Dangote Drive Stock Market Intraday Rally
Supported by buying interest in Dangote Sugar Refinery, AIICO Insurance, and others, the Nigerian Exchange (NGX) all share index (ASI) inches higher during the intraday trading session in the local bourse on Monday.
The market is climbing, and the momentum seems stronger following more than N700 billion decline in equity portfolio value of all listed companies on the NGX last week.
Transactions were dominated by sell-side actors seeking to take early profit in anticipation of a post-earnings release market correction. First-half earnings and interim dividends have boosted stock market capitalisation, and lifted year-to-date return above 40%.
At midday, the NGX All-Share Index advanced by 0.14%, Alpha Morgan Limited said in an emailed note to investors, reflecting positive market sentiment. Stockbrokers said the upward trend was driven by renewed buying interest in some mid- to high-capitalized stocks.
Top gainers during the intraday session include AIICO (10.00%), STERLINGNG (8.00%), DANGSUGAR (5.90%), INTBREW (1.61%), WEMABANK (1.10%), ETI (1.03%), MANSARD (0.60%), UCAP (0.52%), FIRSTHOLDCO (0.46%), and UBA (0.10%), among others. #AIICO Insurance, Dangote Drive Stock Market Intraday Rally Otti Addresses Concerns on $125m Islamic Bank Loan for Abia
