Zenith, GTCO, UBA drive Intraday Gain on Nigerian Bourse
With price appreciation in Zenith, GTCO, and UBA, Nigerian banks are making further uptrends on the Nigerian Exchange (NGX) during intraday trading sessions. This has lifted banking index higher from previous close.
In its mid-day note, Alpha Morgan Capital Limited told investors that the bulls continued to have the market as the NGX All Share Index trended upward, reflecting a gain of 0.27%.
This positive momentum is primarily due to appreciation in some banking stocks and other high capitalized stocks such as FBNH 4.55%, ZENITHBANK 3.50%, GTCO 2.76%, UBA 2.51%, ACCESSCORP 1.18%, TRANSCORP 0.44%, and others.
Zenith Bank has gained 3.50% amidst internal disorder in Ajose Adeogun. The power tussle between Jim Ovia and Ebenezer Onyeagwu, outgoing banking chief, caused rapid selloffs on the banking stock.
GTCO is also making uptrend, up by 2.76% during the intraday trading session, followed by 2.51% intraday gain registered by UBA. Access Plc has gained 1.18% during the session. Transcorp is already doing 0.44%. Demand for these tier-1 lender has pushed that the NGX Banking Index higher by 2.25%. #Zenith, GTCO, UBA drive Intraday Gain on Nigerian Bourse
