Big Banks Stock Drive Intraday Rally on Nigerian Exchange
Buying interest in big banks stocks drove intraday gain on the Nigerian Exchange on Monday after negative close last week, Investors are gearing up with strong position in stocks with upside potential ahead of earnings releases.
During the intraday trading session, stockbrokers said they witnessed improve appetite on FBN Holdings and Access Holdings Plc. There was also bargain hunting in GTCO, Zenith and UBA.
In its note, Alpha Morgan Capital Limited told investors that at mid-day trading, the NGX All share Index trended bullish showing a gain of 0.18%.
Stockbrokers attributed that upward trajectory to buying interest in major capitalized stocks, including FBNH 2.25%, ACCESSCORP 1.31%, GTCO 1.10%, and UBA 1.10%, ZENITHBANK 0.54%, among others.
FBNH Holdings which is trading at steep discount to 52-week high has gained 2.25% as investors increase buying interest in financial stocks.
Access Holdings Plc market value has increased by 1.31% during midday session while GTCO and UBA stocks have been priced higher by 1.10% apiece. Zenith Bank share price has trended positively with marginal gain of 0.54% at midday, Dangote Refinery, Fertilizer Coy to Be Listed in Q1 2025
