Financial Stocks Drive NGX Midday Rally

Financial Stocks Drive NGX Midday Rally

In the equities segment of the Nigerian Exchange (NGX) financial stocks are currently popping up the stock market buying temperature with strong positioning after a large daily gain reported yesterday.

Alpha Morgan Capital said in its midday stock market brief that the equity market is currently trading upward as a result of heavy positioning or buying interests in United Capital (Ticker:UCAP), AIICO Insurance (Ticker: AIICO), Guaranty Trust Holding Company (Ticker:GTCO), United Bank for Africa (Ticker:UBA), and Access Corporation (Ticker:ACCESSCORP). 

The upbeat is driven by a 2.40% midday gain seeing in UCAP, with a 1.56% share price increase in AIICO. The banking index is gaining support from share appreciation of 0.83% in GTCO while UBA popping 0.62% in addition to a 0.56% gain in ACCESSCORP.

Overall, the NGX All Share Index (ASI) is up by 0.03%, Alpha Morgan said in a brief. # Financial Stocks Drive NGX Midday Rally

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