NGX Intraday Rally: Investors Place Huge Bets on Banks Stocks
Zenith Bank, UBA and others are driving the equities market index upward during intraday trading session on Thursday. The Nigerian Exchange is currently making a new uptrend that could possibility push key performance indictors to fresh highs.
Investors are returning to taking position in banking names, reversing the previous trend stoked by Central Bank suspension on dividend due to loans forbearance. The market started to reach positively as banks addressed laon forbeaance directive with pledge to shareholders to maintain dividend payments.
Since yesterday, the local bourse has started fresh momentum, having trade in all-time highs. To banking names have added weght in terms of market capitalisation due to positive price movements.
Stockbrokers also noted some heavweights are gainining investors attention after huge block trade on Zenith Bank Seplat and Nigerian Brweries yesterday. At mid-day, the NGX All Share Index recorded a gain of 0.47%, Alpha Morgan Capital Limited told investors in an emailed note, indicating a bullish market trend.
Stockbrokers said this positive performance was driven by renewed investor interest in some mid to high capitalized stocks. Top names leading the gainers chart include STERLINGNG (6.81%) and ACCESSCORP (5.01%).
Others include FIDELITYBK (3.77%), FCMB (3.70%), ZENITHBANK (3.51%), FIRSTHOLDCO (3.15%), UBA (2.94%), OANDO (1.64%), DANGSUGAR (1.63%), TRANSCORP (1.41%), GTCO (1.20%), WEMABANK (0.72%), NAHCO (0.61%), among others. #NGX Intraday Rally: Investors Place Huge Bets on Banks Stocks Season Rush: FIRS Directs Opening of Tax Offices on Weekends
