Equities Market Heated Up Midday with Bargain Hunting
The equities market of the Nigerian Exchange (NGX) is trending positive intraday due to bargain hunting in banking and other stocks. Most banking stocks are trending higher ahead due to increased positioning in growth, value stocks in the local bourse.
Stockbrokers said the market will likely reversed downturn experienced on Friday as demand heated up. At mid-day, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.30%, Alpha Morgan Capital Limited said in a note.
Stockbrokers told investors that the bullish trend is as a results of buying interest in some mid to high capitalized stocks. During intraday session, INTBREW has topped daily allowable price movement of 10.00%.
Investors also increase market value of TRANSCORP by 4.77% amidst mandatory tender offer by HH Capital Limited – an investment company associated with Tony Elumelu family.
Also driving uptrend, DANGSUGAR has surged by 4.77%, while FCMB is up by 3.89%. STERLINGNG has seen 2.20% price uptick, PRESCO gained 2.15%, and ACCESSCORP has been priced higher by 2.08%.
Other gainers include ZENITHBANK (1.20%), WEMABANK (1.18%), UBA (1.04%), FBNH (0.75%), FIDELITYBK (0.63%), STANBIC (0.34%), UCAP (0.26%), among others. #Equities Market Heated Up Midday with Bargain Hunting Equities Investors Gain N1.06T as Financial Stocks Rally
