BUA Foods, Zenith Bank Boost NGX Intraday Rally

BUA Foods, Zenith Bank Boost NGX Intraday Rally

BUA Foods, Zenith Bank, and First Holdco Plc are among the top riders in the local bourse, driving the Nigerian Exchange (NGX) all-share index higher as investors’ sentiment improved. The uptrend is supported by gains in financial stocks.

The Nigerian market lost about N2.8 trillion in the last three bearish outings that plunged key performance indicators downward. Stockbrokers noted equity investors booked profit across sectoral indexes due to downbeat sentiment, while some wealth managers rotate out amidst expectations that the market correction will last long.

At midday, the NGX All Share Index witnessed a gain of 0.20%, Alpha Morgan Capital Limited said in an emailed note on Friday, reflecting a bullish market sentiment.

Stockbrokers said the uptick was driven by investor interest in some mid- to high-capitalized stocks. The majority of top gainers were companies with lower market capitalization. These include AIICO Insurance, which gained 9.95%, and AXA MANSARD is up by 3.81%.

Key drivers were heavyweights like BUAFOODS (2.61%), FIRSTHOLDCO (1.38%), ZENITHBANK (1.02%), UCAP (0.52%), FIDELITYBK (0.48%), GTCO (0.27%), and UBA (0.10%), among others. #BUA Foods, Zenith Bank Boost NGX Intraday Rally Naira Climbs as CBN, FPIs Boosts US Dollar Liquidity