NGX Index Surges as Banks Drive Intraday Rally
The Nigerian Exchange (NGX) all-share index (ASI) is climbing during the intraday trading session, albeit slowly, due to sustained bargain hunting. The market closed positively yesterday as investors maintained buying interest in some listed companies’ stock.
Stockbrokers said the price appreciation is soft at 0.06%, which could be reversed if there is any position exits in bellwether stocks in the local bourse.
Investors are mainly showing interest in banking stocks with quiet trading activities around other key sectoral indexes. Amidst the rights issue extension, UBA is topping the intraday rally followed by Fidelity Bank.
Stockbrokers said most of the banks that are seeing increased demand from value hunters have not released their first half of 2025 earnings results.
Sources told MarketForces Africa the Central Bank is scrutinising the number to keep operators’ dividend payments in check and ensure strong asset quality.
At midday, the NGX All-Share Index edged up by 0.06%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a mildly positive market sentiment.
The investment firm said the modest gain was driven by renewed investor interest in some mid- to high capitalized stocks, such as UBA (1.87%), FIDELITYBK (1.69%), WEMABANK (0.69%), ACCESSCORP (0.57%), and ZENITHBANK (0.30%), among others. UBA, Mastercard Launch Prepaid Card to Promote Financial Inclusion
