FBNH, UBA Lead Intraday Gain on NGX Platform
FBN Holdings, GTCO and UBA are driving momentum in the equities segment of the Nigerian Exchange (NGX) as investors continue to take positions ahead of earnings release.
The market is making another uptrend during early trading hours on Monday after a positive close last week.
Reflecting expectation, investors increase buying interest on Tier-1 banks after their combined market valuation dipped to N4.8 trillion, as reported by MarketForces Africa.
The market anticipates that second quarter of 2024 financial year will start dropping in July as noted by some financial institutions in their regulatory filings.
At mid-day, the NGX All share Index remained unchanged from the last closing at 0.00%, Alpha Morgan Capital Limited told investors.
The gains in some Tier-1 banking sector stocks, including FBNH 3.17%, UBA 0.44%, and GTCO 0.11%, were offset by losses in other mid to high cap stocks, stockbrokers said.
FBN Holdings has gained 3.17% during intraday trading session in the local bourse after negative performance last week. UBA has surged by 0.44%, while GTCO gain is up by 0.11%. The banking index had gained 0.41% as at mid-day. Mexico, Nigeria Working to Scale Up Trade Relations – Ambassador
