NGX Soars Intraday as Investors Hunt Banking Stocks
The Nigerian Exchange (NGX) All-Share Index and market capitalisation soared sharply during the intraday trading session as investors showed significant interest in banking stocks.
With significant intraday bets on some banking names, including Ecobank and GTCO, trading activities from the buy-side actors in the equities market pushed the key performance indicators higher amidst a fresh boom in Nigerian stocks.
The market saw more than N1 trillion in capital appreciation yesterday, and the current trend has also signaled there will be huge gains on Wednesday. Apart from banking stocks, investors are also taking positions in some industrial and consumer names amidst ongoing earnings releases by these listed companies.
At midday, the NGX All Share Index witnessed a positive trajectory, Alpha Morgan Capital Limited said, reflecting a gain of 0.57%. Stockbrokers highlighted that this upward movement is a result of the buying sentiment of investors in some mid- to high-capitalized stocks.
Top intraday gainers in the Nigerian stock market on Wednesday include ETI (9.86%), NB (4.79%), INTBREW (4.60%), GTCO (4.31%), ACCESSCORP (1.65%), UCAP (1.39%), and FIDELITYBK (1.25%).
Other early gainers include ZENITHBANK (1.15%), FIRSTHOLDCO (1.01%), DANGSUGAR (0.54%), WAPCO (0.30%), and UBA (0.14%), among others. #NGX Soars Intraday as Investors Hunt Banking Stocks Equities Investors Gain N1.04trn as Nigerian Stocks Boom
