MTN, FBNH, OANDO Drive Intraday Rally on NGX
MTN Nigeria, FBN Holdings and OANDO Plc among others early risers have seen positive price movements in the local bourse during trading session on Friday.
Data from the platform showed that the Nigerian Exchange is trending higher as investors continue to take position on stocks whose prices have fallen.
Most of the risers have plunged below their 52-week highs and the latest rally appears as fresh re-entry at relatively cheaper prices.
At mid-day trading, the NGX All Share Index trended bullish, showing a gain of 0.16%, according to Alpha Morgan Capital Limited.
Stockbrokers said the midday upward trajectory is as a result of buying interest in some mid to high capitalized stocks, including OANDO 5.92%, FBNH 2.35%, TRANSCORP 2.00%, and MTNN 1.00%, GTCO 0.11%, among others.
Data showed that OANDO market value has surged by 5.92% while FBNH has been repriced higher by 2.35% after successive negative performance. Transcorp Plc has gained 2% midday while MTN Nigeria has picked up by 1% after yesterday loss. GTCO is doing well above its opening price, up by 11 basis points or .011% among other gainers driving momentum in the local bourse.
Also, the NGX Banking Index had gained 0.15% as at mid-day, according to Alpha Morgan Capital intraday trading note. Nigeria Seeks ECOWAS Unity to Enhance Regional Water Supply
