Intraday Rally: Zenith Bank, Oando Boost NGX Index
The Nigerian Exchange (NGX) is trending positive during the intraday trading session on Wednesday, with investors taking huge positions across sectoral indexes.
The stock market index is approaching 17% as investors portfolio value increases sharply on Wednesday in the absence of a midweek Treasury bills auction.
The All-Share Index, or market index, has seen an 88 basis point upswing, boosted by sustained interest in financial services stocks, with support from BUA Cement, Oando, and International Breweries.
At midday, the NGX All Share Index posted a 0.88% gain, Alpha Morgan Capital Limited told investors in an emailed note, signaling a positive market trend. Stockbrokers stated that this upward movement was driven by increased investor interest in some mid- to high-capitalized stocks.
On the back of huge trading volume on the buy side, OANDO has seen its maximum allowable price movement for the day, gaining 10.00%. The same rally has also boosted DANGSUGAR’s price higher by 10.00%, and INTBREW is already at its peak with a 10.00% price surge at the same time.
On the financial services side, ZENITHBANK’s price is up by 8.96% as investors made fresh bargains ahead of the second quarter earnings release. Other gainers include OKOMUOIL (4.95%), UBA (4.60%), and TRANSCORP (2.62%).
The market also climbed due to price uptick in VFDGROUP (1.91%), ACCESSCORP (1.75%), PZ (1.69%), BUACEMENT (1.52%), NB (1.11%), UNILEVER (1.08%), FIDELITYBK (0.76%), WEMABANK (0.67%), MTNN (0.51%), among others. #Intraday Rally: Zenith Bank, Oando Boost NGX Index Benchmark Yield on FGN Bond Falls after DMO Repriced Rate
