Market Index Climbs as PZ Cussons, GTCO See Intraday Rally
The market index or Nigerian Exchange (NGX) all-share index (ASI) is gaining traction during the intraday trading session on Monday as PZ Cussons, GTCO, and other early risers gained investor attention.
The local bourse has gained 14 basis points already amidst positive sentiment and downward-sloping yields in the fixed income market.
Stockbrokers said the market may likely close in green at the beginning of the trading week, reflecting renewed bargain hunting in some selected stocks with upside potentials.
At mid-day, the NGX All Share Index posted a gain of 0.14%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting an upward trend. Stockbrokers said this upward movement was driven by buying interest of investors in some mid- to high-capitalized stocks.
Top intraday gainers include PZ (3.40%), GTCO (1.98%), FIRSTHOLDCO (1.96%), WEMABANK (1.82%), JAIZBANK (1.27%), UBA (0.82%), OANDO (0.09%), among others. #Market Index Climbs as PZ Cussons, GTCO See Intraday Rally Money Market Rates Spike over Banking System Liquidity Squeeze
