NGX Index Sees Sharp Intraday Gain on Stanbic, BUA Rally
Fresh bargain hunting in Stanbic IBTC, BUA Cement, and Transcorp Plc pushes the Nigerian Exchange (NGX) all-share index higher strongly during the intraday trading session on Friday.
The equities market is breaking new highs, according to stockbrokers who expressed the view that the exchange is more likely to close in the green given the strong intraday rally.
The market records a significant push up across key performance indicators on investors’ appetite for some heavyweight stocks across key indexes. At midday, the NGX All Share Index recorded a gain of 0.67%, Alpha Morgan Capital Limited told investors in an emailed note, indicating a bullish market trend.
Stockbrokers reported that this positive performance was driven by renewed investor interest in some mid- to high-capitalized stocks. Stocks gaining strong attention include STANBIC (9.98%), BUACEMENT (7.53%), OANDO (3.80%), and TRANSCORP (3.74%).
Other gainers are WEMABANK (3.23%), STERLINGNG (2.61%), DANGSUGAR (2.49%), MTNN (1.56%), UBA (1.27%), ZENITHBANK (0.80%), ACCESSCORP (0.67%), INTBREW (0.48%), GTCO (0.21%), among others. The Nigerian Exchange equities market capitalisation is estimated to see huge gains and break new highs at the close of the trading session today. NGX Index Rises as Transcorp, Oando Drive Intraday Rally
