Oil, Banking Stocks Drive Intraday Gain in Equities Market
Oil and banking stocks are trading positively in the equities segment of the Nigerian Exchange (NGX) trading platform. Intraday trading results showed the investors are currently betting on Oando Energy and newly listed Aradel Holdings Plc.
Both oil and energy costs have been facing selloffs pressure from investors trading highs and lows in the equities space. The market also witnessed a huge selling rally yesterday due to sustained negative perception after the interest rate hike.
Today trading pattern, however, offers hope of possible capital appreciation that will boost investors’ wealth. At mid-day, the NGX All Share Index experienced a positive trend, reflecting a gain of 0.37%, Alpha Morgan Capital Limited said in note.
Stockbrokers stated that this upward movement is a result of buying sentiment of investors in some mid- to high-capitalized stocks. Leading the gainers chart already, ARADEL has seen a price of 9.23% during the early trading hours.
OANDO Energy Plc has been priced higher by 3.23% after successive price declines. On the banking segment, WEMABANK has gained 2.30% while UBA is up by 1.41%. STERLINGNG has surged moderately by 0.84% while buying interest nudges ZENITHBANK higher by 0.69%, among others. Ghana to Import Petroleum from Dangote Refinery – Official
