Conoil, Lafarge Africa Boost NGX Index Midday Gain
Positive price movements in Conoil. Lafarge Africa (WAPCO) and other banking stocks have nudged equities market index higher during early trading session.
Stockbrokers said the Nigerian Exchange (NGX) All-Share index (ASI) climbed by 3 basis points during the intraday trading session. The market index adjusted upward as investors continued to ramp up shares of listed companies with potential for strong upsides.
The market picked up from where it stopped yesterday. Investors gained N60 billion on Tuesday due to a significant rally as the yearend earnings results of listed companies draw close.
Some stockbrokers anticipate Santa Claus rally early arrival in the local bourse, with projections showing that All-share index might reclaim 100,000 points.
At midday, the NGX All Share Index experienced a positive trend, reflecting a gain of 0.03%, Alpha Morgan Capital Limited wrote in a note. Stockbrokers attributed the uptick to buying sentiment of investors in some mid- to high-capitalised stocks.
Trading data from the Nigerian bourse showed that CONOIL is driving the midday rally. The oil stock has already gained 10.00%—the maximum allowable price movement for the day.
Lafarge Africa (Ticker: WAPCO) has surged by 1.54% while UBA is up by 0.60% at noon. FBNH has seen a 0.38% price uptick while the market has increased ZENITHBANK share price by 0.11% among others early risers. #Conoil, Lafarge Africa Boost NGX Index Midday Gain IMF Disburses $10m Loan to Somalia for Economic Reforms
