GTCO, Zenith Bank Drive Intraday Rally in Stock Market
GTCO, Zenith Bank, and other early gainers are driving the Nigerian Exchange (NGX) key performance indicators north during early trading session on Thursday as investors begin to re-enter positions. Most Tier-1 banks’ combined market value had dropped due to two days of sell-offs that plunged the banking index, and yearr-to-dat return downward.
The All Share Index has gained 17 basis points, and stockbrokers said buying momentum could persist, though it is relatively soft compared with the previous monster rally in the local bourse.
MarketForces Africa reported that the stock market lost N2 trillion to recent sell pressure that lasted for two days. Insurance, oil and gas and banking indexes were major casualties of investors’ profit-taking activities.
Trends reversed on Thursday with the hope equity traders will keep taking additional risks on companies; stocks with better fundamentals and potential for upsides.
At midday, the NGX All Share Index witnessed a gain of 0.17%, Alpha Morgan Limited told investors in an emailed note, reflecting a bullish market sentiment.
Stockbrokers said this uptick was driven by investor interest in some mid- to high-capitalized stocks. Low-market-capitalized Islamic bank JAIBANK has seen a 10.00% uptick, its maximum allowable price movement.
Other gainers include INTBREW (4.00%), GTCO (3.88%), PZ (2.94%), NASCON (2.16%), AIICO (1.52%), ZENITHBANK (1.47%), and FIDELITYBK (1.21%), among others. # GTCO, Zenith Bank Drive Intraday Rally in Stock Market Sterling Plc Falls by 10% in Post Earnings Selloffs
