UBA, Nestle Nigeria Drive Intraday Rally in Equities Market
UBA and Nestle Nigeria Plc are currently driving the equities market uptrend, according to intraday trading data from the Nigerian Exchange.
The local bourse is going positive as buying momentum in some banking names and other sectoral indexes has started to push key performance indicators upward after three days of market corrections.
The exchange has been bleeding after a series of uptrends that looked like head fakes as a number of stocks with weak fundamentals thrived on sentiment.
At midday, the NGX All Share Index recorded an increase of 0.09%, Alpha Morgan Capital Limited said in an emailed note, reflecting bullish market sentiment. Stockbrokers said in their intraday market report that the upward movement was driven by the buying interest of investors in some mid- to high-capitalized stocks.
Investors’ interest in UBA has pushed the pan-African lender’s market value higher by 4.10% during intraday trading in the stock market.
Also, bargain hunting in NESTLE has pushed its share price higher by 3.45%. Other gainers include VFDGROUP (2.88%), NB (1.69%), UCAP (1.31%), ACCESSCORP (0.90%), JAIZBANK (0.63%), WEMABANK (0.33%), ETI (0.32%), DANGSUGAR (0.31%), and TRANSCORP (0.10%), among others. #UBA, Nestle Nigeria Drive Intraday Rally in Equities Market British Pound Rises Against Dollar, Hovers at 4-Year High
