NGX Index Climbs as Tier-1 Banks See Intraday Rally
With marginal price appreciation on some counters, the Nigerian Exchange (NGX) All-Share Index is making an uptrend as investors showed interest in top big banks stock in the equities market on Wednesday.
Tier-1 banks stocks are driving the local bourse higher, with marginal gains reported by GTCO, Access Holdings, UBA, and Zenith Bank Plc. Stockbrokers, however, noted that intraday gain remains soft, suggesting weak bargain hunting, which could easily slip negative on potential profit taking.
At midday, the NGX All-Share Index recorded a marginal increase of 0.01%, Alpha Morgan Capital Limited told investors in an emailed note, signaling a slight upward trend. Stockbrokers said this positive movement was supported by investor buying interest in some mid to high capitalized stocks.
Top intraday gainers include NGXGROUP 8.73%, TRANSCORP 2.98%, WAPCO 2.92%, UCAP 2.44%, GTCO 1.22%, DANGSUGAR 1.16%, PZ 0.74%, STERLINGNG 0.73%, WEMABANK 0.61%, ACCESSCORP 0.45%, ZENITHBANK 0.35%, among others. #NGX Index Climbs as Tier-1 Banks See Intraday Rally Brazilian President Slams Trump for Meddling in Internal Affairs
