NGX Sees Strong Intraday Demand for Cement, Banking Stocks
Heavy demand for Lafarge Africa, FBN Holdings, and other banking names has nudged the equities market index higher during intraday trading on the Nigerian Exchange (NGX).
The buying momentum that started yesterday has remained strong, with key stocks making uptrends during early trading hours. Investors have continued to buy Lafarge Africa shares, trading under Ticker: WAPCO following Holcim $$1 billion deals with Xuaxin Cement.
The plan to delist the cement company after acquisition has raised investors’ appetites, who look forward to the estimated price of N103 in the mandatory takeover offer.
At midday, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.03%, Alpha Morgan Capital Limited told investors in a note. Stockbrokers at the investment firm said the bullish trend is attributed to the buying interest of investors in some highly capitalized stocks.
Trading data on the Nigerian bourse on Tuesday showed that WAPCO has gained 9.95%, nearing the maximum allowable daily cap of 10%.
FBNH has been repriced higher by 3.33% amidst ongoing rights issue and plans to raise more capital. At noon, the stock market price of UBA has increased by 1.21% while GTCO is up by 0.86%.
OANDO Energy has also appreciated by 0.78%, ACCESSCORP is up by 0.63%, and ZENITHBANK has gained 0.22%, among others. #NGX Sees Strong Intraday Demand for Cement, Banking Stocks
