GTCO, First Holdco, UBA Drive Intraday Rally on NGX
The Nigerian Exchange (NGX) All-Share Index climbs during the intraday trading session as equities investors are showing huge interest in banking stocks. The market also sees heightened demand for International Breweries and Nigerian Breweries in addition to a moderate buying interest in Dangote Sugar Refinery shares.
According to trading details, GTCO, First Holdco, UBA, and United Capital (UCAP) Plc are top financial services company stocks driving intraday rally in the equities market on Wednesday.
Equities investors have started taking positions on banking names after the holiday ahead of the first quarter earnings release.
Market activities have been largely position with some banks warming up to pay their final dividends In April and May. Stockbrokers said the Nigerian Exchange is more likely to close in the green, given the strong rally seen on the trading platform at noon.
At midday, the Nigerian bourse All Share Index posted a 0.30% gain, Alpha Morgan Capital Limited told investors in an emailed note, indicating a strong bullish trend.
Stockbrokers said the upward movement was driven by strong investor interest in some mid- to high-capitalized stocks. Top gainers include INTBREW (5.79%), FIRSTHOLDCO (4.63%), UCAP (4.55%), NB (4.27%), UBA (2.42%), FIDELITYBK (1.60%), GTCO (1.67%), ACCESSCORP (1.32%), DANGSUGAR (0.91%), and ZENITHBANK (0.78%), among others. Climate Change Threatens 83% of Africa’s Jobs — ECA
