GTCO, Zenith, Drive Intraday Rally in Nigerian Market
With strong interest in banking names like GTCO, Zenith Bank, and Access Holdings, the Nigerian market is poised for a sharp rebound on Wednesday, stockbrokers said in their intraday update.
The local bourse staged a strong rebound in the early trading hours of Wednesday as bargain-hunting in bellwether stocks lifted market sentiment, Cowry Asset Management Limited told investors in an emailed note.
The marker lost more than N4.61 trillion in a sweep on Tuesday, plunging market capitalisation of all listed stocks below N90 trillion.
During early trading hours on Wednesday, there is sharp rebound as key performance indicators showed green. The Nigerian Exchange All Share Index was up 3.34% as investors begin to take fresh positions in stocks with strong fundamentals.
The investment firm said several large-cap names hit their daily limit, signalling renewed investor appetite following last week’s steep losses.
Top gainers included GTCO (+10.00%), Zenith Bank (+10.00%), Access Holdings (+10.00%), Ecobank Transnational (+10.00%), and Nigerian Breweries (+10.00%), as buying interest dominated across the banking and consumer goods sectors.
Conversely, the laggards’ chart was topped by Austin Laz (-10.00%), NEM Insurance (-9.82%), and Abbey Building (-9.72%), reflecting mild profit-taking among mid-tier counters. The day’s activity suggests renewed accumulation as investors take positions. GCR Assigns BBB, A3(NG) to Pagatech Limited With Stable Outlook
