GTCO, Zenith, Access See Early Rally in Equities Market
Earnings Expectations, Healthy Fundamentals Boost Interest in Banking Stocks Equities investors in the Nigerian Exchange, NGX, are showing strong interest in banking names.
Speaking on rising demand, stockbrokers told MarketForces Africa that banks stocks are liquid, easily convertible for investors who seek to exit positions, and they have strong fundamentals as key economic drivers.
According to information from the local bourse, the market began trading activities on a positive note, with banking names driving the uptrend. GTCO, Zenith Bank, Access Holdings, and others have seen early price upticks.
Access Holdings is closing the gap on its 52-week during early trading hours. The Nigerian largest banking group has seen its share price rising to N25.65 from N25.3, up by 1.4% on the day.
GTCO Plc continues to blaze through in the equities market, reaching N61.8 per share on Monday, breaching its previous all-time high of N61.25.
UBA is flattish at N36.5 as the market expects the pan-African lender’s earnings to surge, reflecting a high interest rate environment in African markets. FBN Holdings Plc has seen a slight gain that lifted the group share price to N29 from N28.7 ahead of the earnings release.
Zenith Bank has started a fresh uptrend in the local bourse, reaching N50.2 per share on the exchange as investors’ appetites increase following recapitalisation.
Equities market performance of the top financial institutions boosted the banking index on Monday, and stockbrokers are expecting this to impact the NGX index. #Investors Begin Fresh Positioning in Nigerian Banking Stocks –MarketNews
