BUA Foods, GTCO See Intraday Rally, NGX Index Jumps
BUA Foods Plc is driving an intraday rally on the Nigerian Exchange, NGX, following a steep price decline in the recent past. The Nigerian Exchange All Share Index is trending higher due to strong demand for one of the highly capitalised stocks in the market, with support from GTCO.
Some banking names are trading relatively mixed, though telecom stocks appeared to have been tucked to a point. Power sector listed companies remained stagnated while the market has halted tempo on Dangote Cement.
Geregu Power isn’t moving and is unlikely to move so soon, and insurance stocks have become less appealing to value hunters on the Nigerian Exchange. At mid-day, the NGX All Share Index witnessed a positive trajectory, registering a gain of 0.93%, according to investors’ note from Alpha Morgan Capital Limited.
Stockbrokers said this bullish trend is a result of buying interest of investors in some high-capitalised stocks. Specific details showed that BUAFOODS has surged by 9.91% and GTCO has gained 0.24% during the intraday trading session. #BUA Foods, GTCO See Intraday Rally, NGX Index Jumps Yield on Nigerian Treasury Bills Falls ahead of Rebase Data
