UBA, ACCESS Drive Intraday Gain in Equities Market
Banking names including UBA and Access Holdings Plc are currently driving momentum in the equities segment of the Nigerian Exchange, NGX, during early trading hours.
Demand for banking names has started to recover after sell pressures witnessed in the last two trading sessions. Banking index and other sectoral drivers have been under intense sell pressure due to profit-taking transactions.
Most of the stock that had surged fell sharply amidst expectation that a real return on investment in the fixed income market will cause an attention shift. At midday, the NGX All Share Index showed a slight upward movement, increasing by 0.03%, Alpha Morgan Capital Limited said in a note.
Stockbrokers said the positive trend is largely driven by investor buying activity in some mid- to large-capitalized stocks, such as UCAP (3.33%), UBA (0.96%), ACCESSCORP (0.19%), and others. # UBA, ACCESS Drive Intraday Gain in Equities Market Afrinvest Advises Investors to Reduce Airtel, MTNN Stocks
