Transcorp, Oando Drive Thin Intraday Gain in Equities Market
Transcorp, Oando, and some other early risers are driving momentum in the equities segment of the Nigerian Exchange, NGX, on Monday. Investors were seen taking bets on value and growth stocks amidst ongoing earnings releases on the local bourse.
The market is trading tight, with tiny upside supported by gains in lightweight stocks, and the number of early risers remains minimal. Still, buying sentiment remains upbeat after NGX posted a 1.5% return for January. Stockbrokers expected trading activities to pick up strongly on the back of final dividend declaration expectations.
At midday, the NGX All Share Index trended positively, displaying a meagre gain of 0.01%, Alpha Morgan Capital Limited told investors. Stockbrokers attribute the uptick to buying sentiments of investors in some mid- to high-capitalised stocks, including PRESCO, TRANSCORP, OANDO, and others.
Presco has gained its maximum allowable daily gain in the local bourse, followed by tiny gains in Transcorp and Oando Plc. Transcorp share price has surged by 1.89% during intraday trading, while Oando is up by 15 basis points.
With more gainers, the local bourse key performance indicators could surge at the end of trading session but there is risk should profit-taking activities increase above the intraday level #Transcorp, Oando Drive Thin Intraday Gain in Equities Market #$9.6bn P&ID Scam: I’ve No Witness to Call, Briton Tells Court
