NGX Index Ticks Up as Dangote, UCAP See Intraday Rally
The Nigerian Exchange (NGX) All-Share Index (ASI) is trending positively during the intraday trading session, supported by bargain hunting in Dangote Sugar Refinery and United Capital Plc shares.
Investors maintain positive sentiment as the central bank failed to adjust the interest rate at its bimonthly policy committee meeting. The local bourse has seen a significant surge in market capitalization, while the year-to-date return is fast approaching 30%, in contrast to annual inflation rate of 22.22%.
Stock market analysts said investors are entering positions in fundamentally sound listed companies’ shares ahead of the second quarter earnings release. Their anticipation for interim dividends fueled the initial rally, and fear of missing out has lifted bargain hunting in the local bourse to a steep level.
At midday, the NGX All Share Index witnessed a positive trajectory, Alpha Morgan Limited told investors in an emailed note, reflecting a gain of 0.07%. Stockbrokers explained that this upward movement is a result of buying sentiment of investors in some mid- to high-capitalized stocks.
Top gainers include DANGSUGAR 9.36%, UCAP 2.21%, NESTLE 2.16%, ACCESSCORP 1.82%, NASCON 1.06%, TRANSCORP 1.02%, WEMABANK 0.84%, JAIZBANK 0.53%, ZENITHBANK 0.42%, ARADEL 0.40%, UBA 0.32%, among others. Reps Move to Prohibit Public Servants from Using Private Schools, Hospitals
