Lafarge, Transcorp See Intraday Rally on Nigerian Exchange
Lafarge Africa and Transcorp Plc are currently driving an uptrend on the Nigerian Exchange (NGX) during early trading hours in the equities market.
During the intraday trading session, some stocks have seen positive price appreciation due to improved sentiment. This does not, however, signify that the local bourse would close the day positive due to the absence of bellwethers in the gainers category.
Many of the uptick drivers were lightweight stocks with less than N1 trillion in market capitalisation at the time of writing. Stockbrokers said equities investors are starting to make fresh entries into growth and value stocks despite higher rates prevailing in the fixed income market.
Inflation surge heated up selloffs in the equities market earlier, but the pressure has receded significantly as liquidity capped trading activities in the fixed income securities market. The banking index is trading steady at noon. Tier-1 banks positive price movement was a major driver of gain reported on NGX yesterday.
Oil and gas stock is probably going to stand down from climbing significantly. At midday, the NGX All Share Index witnessed a positive trajectory, displaying a marginal gain of 0.01%, according to Alpha Morgan Capital Limited.
Stockbrokers revealed that this bullish trend was triggered by buying interest in some mid- to high capitalized stocks. There is observation that Lafarge will keep uptrend as Ticker: WAPCO has already recorded 4.67% price appreciation.
TRANSCORP has also gained 2.53% on the day, while FIDELITYBK has been repriced higher by 0.63% during the early trading session in the equities market.
Market value of United Capital Plc Ticker: UCAP has increased by 0.59% while FCMB popped higher by 0.54%, among others. #Lafarge, Transcorp See Intraday Rally on Nigerian Exchange
