Oil, Banking Stocks Drive Intraday Gain in Equities Market
Oil and banking stocks are driving momentum on the Nigerian Exchange (NGX) during intraday trading session. The market is booming now with sharp buying interest from investors taking positions as yearend draws close.
Some lightweight stocks share price has gone straight to the mood with some dead cats bouncing as per trading patterns observed during the midday in the equities market.
Stockbrokers observe that those banking names that recently shed weight have started to pick up. The same is happening around oil and gas index.
At midday, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.10%, Alpha Morgan Capital Limited said. Stockbrokers attribute the bullish trend to the buying interest of investors in some mid- to high-capitalised stocks.
Ticker: CONOIL has seen 7.02% price appreciation during the intraday session. STERLINGNG has also gained 4.26% due to investors’ renewed buying interest in the banking names.
MTNN surged by 2.88%, while OANDO has popped higher by 2.46%. Also, Tier-2 lender FIDELITYBK share price has increased by 1.61%, FCMB is up 1.12%, and UCAP share price rose by 0.28%, among others. # Oil, Banking Stocks Drive Intraday Gain on NGX Naira Gains Uninterruptedly, Settles at N1535 in FX Market
