Oando, Nestle, Banking Names Drive Midday Gain on NGX
Buying interest in Oando Plc, Nestle Nigeria, banking names, and other supporting stocks is pushing the market capitalisation of the Nigerian bourse upward. The latest rally in the stock market has been boosted by dividend payment expectations and overall positive expectations in the Lagos bourse.
In its midday report, Alpha Morgan Capital Limited told investors that the Nigerian Exchange (NGX) All Share Index maintained an upward trajectory, reflecting a gain of 0.11%.
Stockbrokers said the bullish momentum is primarily due to growth in some mid- to high capitalized stocks, such as OANDO 5.50%, ZENITHBANK 1.97%, FBNH 1.28%, GTCO 0.63%, NESTLE 0.56%, and others.
Oando Plc has surged by 5.50%, while Zenith Bank Plc has appreciated by 1.97% during the intraday trading session in the Lagos bourse. At the time of filing this report, the NGX Banking Index gained 0.60% at mid-day. #Oando, Nestle, Banking Names Drive Midday Gain on NGX Moody’s Downgrades Uganda’s Ratings, Changes Outlook to Stable
