Bargain Hunting on Banking Stocks Boosts NGX Index
The equities market witnessed strong demand for banking stock during the midday trading session, according to data provided by Alpha Morgan Capital Limited. Banking names saw a surge in prices, pushing the Nigerian Exchange all share index higher.
In a mid-day report. Alpha Morgan said at the moment, the NGX All Share Index is reflecting a bullish outlook, recording a lift of 0.12%.
Stockbrokers attribute the bullish force to buy-side interest in noteworthy stocks, such as NNFM, BUACEMENT, ACCESSCORP, FBNH, GLAXOSMITH, UNILEVER, ETI, TRANSCORP, UBA 0.24%, and other listed stocks.
Details showed that NNFM is leading the pack with a 9.96% gain during the intraday trading session. This was followed by interest in BUA Cement, which already pushed its market price higher by 4.7%.
Accesscorp Plc has gained 4.12% during the bullish run followed by a 2.67% intraday price appreciation record by FBNH. Also supporting the trend, GlaxoSmithKline share price has ascended by 2.42% while Unilever saw a 1.02% share price surge.
Other banking names like ETI, and UBA also rallied, in addition to gain recorded by Transcorp Transnational Incorporation. At the press time, other stocks have also seen positive price movement. Nigeria Eurobond Slumps after CBN Resumes OMO Auction