Banking Stocks Drive Midday Gain on NGX
A healthy interest in some listed banks’ stocks has lifted the stock market temperature during the midday session, according to investment firm Alpha Morgan Capital Limited.
During the intraday session, the equity market capitalisation of the Nigerian Exchange (NGX) has inched above the opening levels due soft rally seen in the financial services.
In its midday update, Alpha Morgan Capital Limited told investors that currently, the NGX All Share Index shows a positive trend, reflecting a notable increase of 0.30%.
Stockbrokers explained that this upward movement is attributed to purchasing activity in notable stocks such as BUACEMENT 4.93%, FIDELITYBK 1.90%, ZENITHBANK 1.26%, UBA 0.21%, GTCO 0.13%, and other listed stocks.
BUA Cement is on its way to clawback loss reported yesterday due to selloffs. Fidelity Bank is gaining traction and Zenith has joined the attractive list. Investors are currently taking position on Zenith Bank shares and GTCO is popping higher.
After sell down plunged their respective market prices, BUA is 4.93% above its opening price at the time of writing. Fidelity has gained 1.90% followed by 1.26% price appreciation in Zenith Bank.
UBA is 21 basis points above its opening market price at the same when GTCO registered 13 basis points increase in market valuation. # Banking Stocks Drive Midday Gain on NGX
