GTCO, NB Plc Drive Intraday Gain in Equities Market
Hefty market-valued stocks, including GTCO and Nigerian Breweries, among others, are driving the intraday rally in the equities segment of the Nigerian Exchange (NGX) on Monday. The market index has popped higher by 38 basis points, signaling a positive close in the stock market in the absence of sell-side actors taking over trading activities.
GTCO experienced increased demand from offshore investors last week, and this boosted the orange-branded banking and financial services stocks. International Breweries Plc also rallied as investors anticipate a possible return to profitability in the first quarter of 2025.
Access Plc is gaining, while Wema Bank also sees positive price movement. United Capital Plc surges, and there is an ongoing buying interest in Dangote Sugar Refinery Plc.
At midday, the NGX All Share Index recorded an increase of 0.38%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting bullish market sentiment. Stockbrokers said the upward movement was driven by the buying interest of investors in some mid- to high-capitalized stocks.
Top gainers include INTBREW (10.00%), UNILEVER (7.99%), TRANSCORP (4.19%), NB (3.85%), WEMABANK (2.83%), GTCO (2.38%), UCAP (1.37%), DANGSUGAR (1.17%), ACCESSCORP (0.21%), and UBA (0.15%), among others. #GTCO, NB Plc Drive Intraday Gain in Equities Market Lagos Partners REA to Boost Renewable Energy
