Oil, Banking Stocks Drive Intraday Gain in Equities Market
Aradel Holdings Plc, and some banking names are driving positive momentum on the Nigerian Exchange (NGX) trading platform during early trading hours on Thursday. Investors are hunting for oil stock and Aradel Holdings has become an attractive counter amidst sustained bullish trend in the local bourse.
The significant buying interest in Aradel in particular followed announcement that that the Minister of Petroleum Resources has granted his consent to the sale of The Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy Limited.
For Aradel, as a shareholder in Renaissance, this approval marks a significant step forward from the announcement of the Sale and Purchase Agreements in January 2024, the company said in a statement.
At mid-day, the NGX All Share Index witnessed a positive trajectory, displaying an uptick of 0.42%, Alpha Morgan Capital Limited said in an emailed note. Stockbrokers attributed the bullish trend to buying interest of investors in some mid to high capitalized stocks.
ARADEL Holdings Plc has already gained 10.00% – the maximum allowable for the day in the equities market. FBNH has seen 1.32% price uptick, ZENITHBANK is up by 0.45% and UBA has gained 0.15% – among other early risers #Oil, Banking Stocks Drive Intraday Gain in Equities Market Naira Rallies on CBN FX Sales to Banks, Plan to Dedollarise
