Banking Stocks Drive Intraday Momentum in Equities Market

Banking Stocks Drive Intraday Momentum in Equities Market

Banking stocks are driving intraday momentum in the equities segment of the Nigerian Exchange on Thursday.  Investors started fresh bargain hunting in the stock market after negative showed display midweek.

Investors were caught in between placing their bets on fixed interest securities and risky stocks amidst corporate earnings releases.

The financial markets performance yesterday mirrored a weak appetite for equities as investors’ parked huge money into Treasury bills offered by the Central Bank at the midweek auction.

At midday, the NGX All Share Index edged up by 0.07%, reflecting a positive trend, Alpha Morgan Capital Limited said in an emailed note.  Stockbrokers said the intraday gain was fuelled by investor interest in some mid- to high-capitalised stocks.

Early rises on NGX include STERLINGNG (3.77%), NB (3.23%), JAIZBANK (2.56%), FIDELITYBK (1.46%), FIRSTHOLDCO (0.52%), FCMB (0.52%), ZENITHBANK (0.42%), and others. #Banking Stocks Drive Intraday Momentum in Equities Market $650m Notes: Moody’s Affirms Seplat’s Caa1 Corporate Family Rating