First Holdco, Zenith Bank Intraday Rally Boost Equities Market Index

First Holdco, Zenith Bank Intraday Rally Boost Equities Market Index

First Holdco Plc, Zenith Bank, and GTCO’s intraday rally have lifted the Nigerian Exchange (NGX) All-Share index by four basis points due to improved investors’ sentiment in banking names.

The majority of bargain hunting was driven by renewed interest in financial stocks following a downbeat market performance at the beginning of the week.

Still, stockbrokers said the market condition hasn’t improved enough to reduce offshore investors latest selloffs. Also, analysts noticed that some high-ticket transactions have been consummated outside the NGX trading platform to curb significant price decline.

At midday, the NGX All Share Index experienced a slight upward movement, posting a gain of 0.04%, Alpha Morgan Capital Limited told investors in an emailed note on Tuesday. Stockbrokers said the uptick was driven by the buying interest of investors in some high-capitalized banking stocks.

Top gainers during the intraday trading on NGX include FIRSTHOLDCO (6.16%), ZENITHBANK (2.31%), GTCO (1.91%), ACCESSCORP (1.70%), UBA (1.62%), and ETI (1.36%), among others. #First Holdco, Zenith Bank Intraday Rally Boost Equities Market Index

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