Financial Stocks Fuel Intraday Rally on Nigerian Exchange
Financial stocks fuelled an intraday rally in the Nigerian stock market on Monday. The local bourse had posted negative last week as a result of profit-taking activities. The trend reversed during early trading hours as the market witnessed significant buying activities.
Trading data reviewed on the Nigerian Exchange (NGX) showed that some investors re-entered positions at lower prices, and some bellwether banking names surged ahead of their respective earnings releases.
At midday, the NGX All Share Index witnessed a gain of 0.11%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a bullish market sentiment. Stockbrokers reported that this uptick was driven by investor interest in some mid to high capitalized stocks.
Top intraday gainers include JBERGER (9.93%), AIICO (3.83%), INTBREW (2.69%), GTCO (2.13%), and STERLINGNG (0.66%). Other risers include ACCESSCORP (0.56%), FIDELITYBK (0.48%), MANSARD (0.18%), UBA (0.10%), and TRANSCORP (0.10%), among others. # Financial Stocks Fuel Intraday Rally on NGX CBN Sells $166m to Banks, FX Forward Contracts Depreciate
