IntBrew, PZ Drive Intraday Rally in Nigerian Stock Market
Investor interest in International Breweries and PZ Cussons, alongside other early gainers, is driving an upward trend in the Nigerian stock market during Wednesday’s intraday trading session.
The market closed negative for the fourth consecutive trading session yesterday as profit-taking activities persisted after a series of head fakes from some listed companies.
Banking stocks were climbing at the last look, boosting the Nigerian Exchange All-Share Index with support from positive price movement in oil and industry stocks. Some stocks that recently shed weight appear to be picking up, but stockbrokers said in a chat with MarketForces Africa that intraday gain is soft, and there is no guarantee the local bourse would close in green.
At midday, the NGX All Share Index posted a slight gain of 0.07%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting an upward trend. Brokers explained that this upward movement was driven by buying interest of investors in some mid to high capitalized stocks.
On list of intraday GAINERS ARE INTBREW 9.35%, PZ 5.14%, UCAP 3.91%, STERLINGNG 3.11%, JAIZBANK 1.60%, UBA 0.70%, ACCESSCORP 0.44%, TRANSCORP 0.21%, ARADEL 0.10%, GTCO 0.06%, among others. #IntBrew, PZ Drive Intraday Rally in Nigerian Stock Market High Short-term Debt: GCR Downgrades Mecure Industries Rating
