Banking, Industrial Stocks Drive Intraday Rally on NGX
Banking and industrial stocks, among others, are driving the intraday rally on the Nigerian Exchange (NGX) amidst sustained bargain hunting that has lifted the year-to-date return above 28%.
The local bourse is booming with heated-up bargain hunting, fueled by demand for some light- and heavyweight listed companies shares on Tuesday. The Nigerian Exchange market capitalisation surged by N152 billion as companies began to release the first half of 2025 financial statements.
Stockholders are taking positions with an expectation that dividend aristocrats in the market will not miss opportunities to impress their shareholders, given the fresh market re-rating seen year to date.
At midday, the NGX All-Share Index increased by 0.52%, Alpha Morgan Limited told investors in an emailed note, reflecting positive market sentiment. Stockbrokers said the upward movement was driven by renewed investor interest in several mid- to high capitalised stocks.
Gainers include WAPCO 9.18%, JAIZBANK 7.50%, WEMABANK 5.26%, VFDGROUP 4.48%, BUACEMENT 4.01%, OANDO 4.00%, and NASCON 2.06%.
Other gainers include NESTLE (1.93%), ACCESSCORP (1.89%), UCAP (1.47%), UBA (1.42%), ZENITHBANK (1.41%), DANGSUGAR (0.69%), JBERGER (0.25%), and NAHCO (0.05%), among others. #Banking, Industrial Stocks Drive Intraday Rally on NGX BUA Cement Soars by 31% Amidst Anticipated Earnings Release
