Stanbic, GTCO Drive Intraday Gain on Nigerian Exchange
Alpha seekers in the equities market of the Nigerian Exchange (NGX) are currently ramping up shares of some banks with rock solid market fundamentals despite risks associated with the recapitalisation in the industry.
There have been massive selloffs in the local bourse spanning five consecutive weeks due to risk off sentiment triggered by elevated yield in the fixed income market and notice of significant capital base upgrading.
In its market update, Alpha Morgan Capital Limited told investors that at mid-day, the NGX All Share Index trended positively, reflecting an uptick of 0.18%. WPG Sacked Former MD of Eko Disco
Stockbrokers said this upward movement stems from buying interest of investors in some mid to high cap stocks, including STANBIC 9.41%, GTCO 8.96%, ZENITHBANK 4.23%, UBA 0.22%, and others
Details from the Nigerian bourse showed that Stanbic IBTC stock is gaining investors’ attention, resulting to 9.41% surge in its market valuation during the intraday trading session. GTCO is booming after suffering large price decline over the last seven trading sessions. It share price is already 8.96% above opening price. Zenith Bank has gained 4.23% while interest in UBA has stoked 0.22% upward pricing.
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