Intraday Rally – Equities Investors Stake Bets on UBA, Zenith, GTCO
Equities investors are driving the Nigerian Exchange (NGX) all-share index (ASI) upward with an intraday rally on top banking names. UBA, Zenith Bank, GTCO, and other early risers have seen positive price upticks that pushed the market index higher during the trading session on Thursday.
Stockbrokers are expressing confidence that the local bourse would close positive today in the absence of significant sell pressures on market heavyweights. The NGX index tracked lower midweek due to weak investors’ sentiments. However, the NGX trading platform has seen surprise bargain hunting, driven by dividend expectation and upcoming first quarter earnings release.
The NGX All Share Index saw midday growth, rising by 0.49%, Alpha Morgan Capital Limited told investors in an emailed note. Stock market analysts said this bullish trend was driven by investors buying activity in some key stocks.
NGX trading data revealed that TRANSCORP has seen an 8.18% price uptick and FIDELITYBK has gained 5.03%. Also, GTCO is up by 4.40%, and JAIZBANK records 3.93% in positive price movement.
Other gainers include UBA (3.08%), UCAP (3.03%), INTBREW (3.00%), FCMB (2.16%), OANDO (1.98%), ZENITHBANK (1.48%), FIRSTHOLDCO (1.42%), and DANGSUGAR (1.23%), among others.
Stockbrokers at Alpha Morgan said these gains reflect positive market sentiment, with investors showing interest in mid-to-high capitalized stocks. #Intraday Rally – Equities Investors Stake Bets on UBA, Zenith, GTCO FCTA Develops Agric. Policy to Boost Food Security
