MTN, Dangote Drive Intraday Rally in Equities Market
MTN Nigeria Plc, Dangote Sugar Refinery, and some banking stocks are currently driving momentum in the equities market, trading data released by stockbrokers revealed.
Top banking names, including Zenith, Access Holdings Plc, and GTCO, are trading in green during the midday session on the Nigerian Exchange trading platform. This has pushed the market index, or the All-Share Index, higher, suggesting the local bourse would likely close green in the absence of sell pressure. This positive trend in the domestic bourse is getting support from cement and oil stocks, including rallies in other non-banking financial stocks.
At midday, the NGX All Share Index recorded an increase of 0.28%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a bullish market sentiment. Stockbrokers said the positive momentum is fueled by the buying interest of investors in some mid- to high-capitalized stocks.
Early rises include DANGSUGAR (9.92%), WAPCO (2.78%), UCAP (1.78%), MTNN (1.67%), OANDO (1.52%), ACCESSCORP (1.05%), GTCO (0.49%), ZENITHBANK (0.22%), among others. # MTN, Dangote Drive Intraday Rally in Equities Market.#MTN, Dangote Drive Intraday Rally in Equities Market#
