Banking Stocks, MeCure Drive Midday Rally on NGX
The Nigerian Exchange (NGX) rides on buying waves due to equities investors’ improved buying sentiments on Mecure and banking stocks, detail from Alpha Morgan Capital Limited shows.
Traders said in their midday report on the local bourse that FBN Holdings and UBA are the major drivers of the intraday rally which nudge the market index upward – mildly at this point.
Presently, the NGX All Share Index is showing a marginal lift of 0.04%, Alpha Morgan Capital Limited told investors via email.
The investment firm said the uptick is attributed to buy-side interest observed in notable stocks, such as MECURE, UNILEVER, FBNH, FIDELITYBK, UCAP, UBA, INTBREW, and other listed stocks. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
The trading record shows that MeCure has gained 9.99%, Unilever Nigeria is up by 4.90%, and FBNH share popped higher by 2.50%.
Also, Fidelity Bank’s share price has inched up by 1.12% during the intraday trading session, UCAP share has jumped by 0.88% followed by a 0.47% gain in UBA, trailed by 0.47% share appreciation in International Breweries Plc.