NGX Index Rises as Transcorp, Oando Drive Intraday Rally
The Nigerian Exchange (NGX) All-Share Index is on the rise during the intraday trading session, thanks to increased demand for Transcorp Plc and Oando shares in the local bourse.
Investors are taking positions in some banking names as well, with Jaiz Bank leading the pack at the time of the report. Oando stays on the recovery line, and United Capital experiences positive price movement.
The bargain hunting has persisted, and stockbrokers anticipate the local bourse will continue to break new heights ahead of inflation data. At midday, the NGX All-Share Index rose by 0.15%, Alpha Morgan Capital Limited told investors in an emailed note, indicating an upward trend.
Stockbrokers said the positive movement was driven by investor interest in some mid- to high-capitalized stocks. Top intraday gainers include OANDO 6.15%, JAIZBANK 6.11%, TRANSCORP 4.44%, ACCESSCORP 1.81%, UBA 0.82%, UCAP 0.79%, and FIRST HOLDCO 0.34%, among others. Nigeria’s Banking Sector Stable, CBN Reassures Nigerians
