NGX Sees Intraday Gain as Investors Ramp Up BUA, OANDO
The equities market flexed up during the intraday trading session on Monday as buy side activities in GTCO, UBA, Fidelity Bank, and Oando boosted the Nigerian Exchange (NGX) record.
After losing about N847 billion last week, the local bourse opened positive with strong buy side trading on banking names, and oil stocks. The market witnessed sell pressure on four out of five big banks, though price movement was moderate.
At mid-day, the NGX All share Index trended positive, experiencing a growth of 0.40%, according to Alpha Morgan Capital Limited. Stockbrokers said the upward movement is as a result of appreciation in some mid to high capitalized stocks.
CUTIX has already capped 10.00% gain, the maximum allowable daily price movement on Nigerian bourse. Also, RTBRISCOE has seen its maximum price uptick of 10.00% just like SOVRENINS 10.00%, SKYAVN 10.00%.
Oil stock OANDO has gained 9.90% during the trading hours, while FIDELITYBK is up by 5.94%. Reversing losses, BUACEMENT surged by 3.73%, and UBA market value has increased by 1.78% followed by 1.40% positive price movement in TRANSCORP.
GTCO is up 0.54%, and others have also popped higher amidst expectation that the local exchange would end the trading session on a positive note. # NGX Sees Intraday Gain as Investors Ramp Up BUA, OANDO Reforms: Fitch Revises Nigeria’s Outlook to Positive
