Nigerian Exchange ASI Climbs on Soft Intraday Rally
The Nigerian Exchange (NGX) All-share index (ASI) climbed on the back of a soft intraday rally on Monday. The local stock market posted huge gain last week despite last minute profit taking activities on some stocks.
Investors have beginning to return to their positions and stockbrokers anticipate the Nigerian Index will likely break the next psychological barriers when Tier-1 banks release their earnings scorecard for first half.
Meanwhile, stock analysts said the stock market direction will be influenced by the release of Nigeria’s inflation data for August. By consensus, consumer price index is expected to decline further.
Trading data obtained from the Nigerian bourse highlighted that the gain is soft, and could reverse. Banking stocks are the major drivers on today’s intraday rally.
At mid-day, the NGX All-Share Index went up by 0.07%, Alpha Morgan Capital Limited told investors in an emailed note on Monday, reflecting a mildly positive market sentiment.
Stockbrokers stated that the slight uptick was driven by renewed investor interest in some mid to high capitalized stocks. Early light gainers include JAIZBANK 2.41%, TRANSCORP 1.95%, GTCO 1.34%, UCAP 1.32%, FIRSTHOLDCO 0.95%, FCMB 0.93%, ACCESSCORP 0.75%, among others. AXA Mansard Targets N13.19bn Profit in Q4, Investors React
