FBNH, OANDO Drive Midday Momentum on NGX
The market opened to a strong demand for FBN Holdings, GTCO, OANDO stocks among other early risers in the domestic exchange on Tuesday. Investors are consolidating positions as equities market reported gain yesterday after negative weekly outturn.
During the midday trading session on the Nigerian Exchange (NGX) platform, investors were showing interest in banking names, and positioning on oil stock continue with Oando leading the game.
At mid-day, the NGX All share Index trended upward, displaying a gain of 0.33%, Alpha Morgan Capital Limited said in an emailed note today. Also, the NGX Banking Index had gained 1.2% as at mid-day.
Stockbrokers attributed the upward trajectory to buying interest in some mid to high capitalized stocks, such as JBERGER 10.00%, FBNH 9.98%, OANDO 9.98%, OKOMUOIL 9.98%, GTCO 0.55%, and others.
Julius Berger Plc has capped its daily maximum allowable price movement at 10%. FBNH has inched higher by 9.08% as investors increased position after it cancelled shareholders meeting indefinitely.
Oando Plc continues its uptrend today, the oil stock has already gained 9.98%, same level of price appreciation was seen in Okomu Oil Plc. GTCO is lowest with 0.55% intraday gain, signaling that the local bourse would probably end the day in green. # FBNH, OANDO Drive Midday Momentum on NGX
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