Nigeria Market Sees Intraday Gain as Banks Stocks Trend
The equities segment of the Nigerian Exchange (NGX) has further climbed due to rising interest in banking stocks amidst an expected year-end Santa Claus rally.
In a midday report by Alpha Morgan Capital, stockbrokers told investors that the Nigerian Exchange All-share index has inched higher by 0.72% during the intraday trading sessions.
There has been sustained unusual volume trade driving the market higher, much of this heavy positioning is attributed to interest in the banking index ahead of the fourth-quarter earnings season.
Presently, the NGX All Share Index is showing a positive stance, with a gain of 0.72%, Alpha Morgan Capital said in a midday report.
The investment firm attributed the uptrend to buying sentiment in key equities, such as FBNH, ACCESSCORP, STANBIC, UBA, ETI 4.07%, FIDELITYBK, ZENITHBANK, WAPCO, GTCO, MTNN, NASCON, and other listed equities.
FBN Holding which closed near N1 trillion yesterday has made another uptrend, followed by gain in Accesscorp, Stanbic and other bellwether lenders.
Details of transactions showed that FBNH has gained 9.91%, Access Plc surged by 7.96%, and Stanbic IBTC has inched higher by 5.60.
Also, UBA has seen a 4.46% positive price movement during the intraday session followed by a 4.07% gain by Ecobank Transnational Incorporation. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
Fidelity bank is on the rise with 2.25% intraday gain while Zenith Bank popped higher by 1.86%, supported by 0.25% price appreciation seen in GTCO shares. Also trending are shares of NASCON, MTN Nigerian and WAPCO.
