Zenith Bank, GTCO Boosts Intraday Momentum in Equity Market
Zenith Bank, GTCO, Guinness Nigeria and other early risers are currently driving the Nigerian Exchange (NGX) All share index higher during the intraday trading session on Thursday.
The local bourse has maintained uptrend as investors who had sell down interest are beginning to re-enter positions in an undervalued listed companies stock.
The stock market closed with more than N360 billion increase in equity portfolio value on Wednesday, supported by activities of buy side investors who spotted value in a dark end.
Stockbrokers told MarketForces Africa the gain is not significant enough during midday trading, adding the market redirection is not impossible based 13 basis points uptick.
At mid-day, the NGX All Share Index rose by 0.13%, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a bullish market trend.
Stockbrokers stated that the uptick was driven by strong investor interest in several mid to high capitalized stocks. Investors show specific interest in GUINNESS Nigeria which has recorded 9.15% in price appreciation.
Other lightweight company’s stock has seen mild uptick, supported by banking index soft uptick. Other gained include JAIZABNK 2.22%, ZENITHBANK 1.52%, NAHCO 1.50%, FIRSTHOLDCO 1.48%, AIICO 1.19%, OANDO 0.95%, UBA 0.64%, GTCO 0.27%, UCAP 0.26%, among others. # Zenith Bank, GTCO Boosts Intraday Momentum in Equity Market Nigeria Targets 25% Industrial Growth by 2035 – Minister
