Banking Stocks Drive Intraday Momentum in Nigerian Bourse
Banking stocks, including FBN Holdings, FCMB, and other smaller lenders, are currently trading higher in the equities market on renewed investors’ interest in companies with strong potential upsides.
The Nigerian Exchange, NGX, is tracking higher during the midday trading session as bargain hunting is more likely to upturn the negative performance posted on Wednesday.
The market reactions to the sharp decline in Nigeria’s headline inflation have been mixed amidst ongoing monetary policy meeting. Stockbrokers are of the view that more funds will pass through equities due to fast changing debt market dynamics.
At mid-day, the NGX All Share Index experienced a positive trend, reflecting a gain of 0.12%, Alpha Morgan Capital Limited said in its investors note. Stockbrokers stated that the midday uptick is a result of buying sentiment of investors in some mid- to high-capitalised stocks.
Trading details revealed that FCMB has gained 3.33% while BUAFOODS is up by 1.83%. Other gainers include: STERLINGNG (1.01%), FBNH (0.32%), and other early risers. #Banking Stocks Drive Intraday Momentum in Nigerian Bourse Interbank Rates Slow as Remita, FAAC Credits Boost Liquidity
