Banking, Industrial Stocks Drive Intraday Rally on NGX
Banking, Industrial stocks among others are driving an intraday rally on the Nigerian Exchange (NGX) amidst heavy positioning in dividend-paying entities. Companies will start pushing out audited results for 2021, and some dividend declarations are also expected.
Investors buying interest pre-dividend announcement is keeping the equity market on an uptrend Thursday after a massive gain on Wednesday. Currently, trading activities is on a bullish note, following price appreciation in GTCO, ACCESS Bank, UBA, Sterling Bank, and Dangote Cement.
GTCO share price inched up by 0.39%, ACCESS jumps 0.51%, UBA gains 0.61%, STERLNBANK appreciates by 0.64%, UCAP share price advanced by 0.90%, and DANGCEM rises 3.78%.
With the momentum in the local bourse, the Nigerian Exchange All-share index has breached 2008 levels and the equity market is still maintaining an uptrend.
Some institutional and retail investors are on buying spree due to relatively lower interest in the fixed income market due to negative real return.
Overall, the NGX All Share Index is higher by 0.66%, according to Alpha Morgan Capital. # Banking, Industrial Stocks Drive Intraday Rally on NGX. Read: Dangote Cement, Sterling, UBA Drive Intraday Gain
