MTN, OANDO See Strong Intraday Gain on NGX
MTN Nigeria and Oando Plc are driving the Nigerian Exchange (NGX) higher during intraday trading session in the market on Thursday.
The market has already seen huge demand for telecom stock, lifting its market valuation to the maximum allowable per day following successful renegotiation of tower lease with IHS Tower and ATC.
Also supporting the midday momentum is Oando Plc, as the oil stock continues its uptrend. Oando has been trading positively this week amidst plan to clear all the backlog of financial reports yet to be submitted to the market regulators.
At mid-day, the NGX All share Index continued its recovery with a gain of 0.86%, Alpha Morgan Capital Limited told investors in an email note.
Stockbrokers said this upward trajectory is as a result of buying interest in major capitalized stocks, including MTNN 10.00%, OANDO 9.97%, GTCO 3.33%, TRANSCORP 2.91%, ACCESSCORP 0.53%, among others.
MTN Nigeria has gained 10% during the trading session followed closely by Oando Plc, which advanced by 9.97%, while GTCO has seen 3.33% price appreciation. Transcorp’s market value had increased by 2.91%, while Access Plc has seen 0.53% increase in its market price.
The banking index is trending positively, with expectation that financial stocks would lift the local bourse higher if the rally is sustained.# MTN, Oando See Strong Intraday Gain on NGX Air Strikes Destroy Bomb Factory in Borno
