UBA, Access, FBNH Drive Intraday Gain on NGX

Equities investors are currently taking position on some banking names on the Nigerian Exchange (NGX) amidst fresh rallies that started this week.

Stockbrokers said investors’ appetite for Tier-1 banks stocks continue to increase despite elevated yield in the fixed interest securities market.

According to Alpha Morgan Capital Limited, at mid-day, the NGX All Share Index witnessed an uptick, indicating a marginal gain of 0.04%.

The firm told investors via email that this positive movement is majorly due to buying interest in some banking stocks and other high capitalized stocks such as ZENITHBANK 2.62%, FBNH 1.73%, OANDO 0.47%, ACCESSCORP 0.29%, UBA 0.22%, and others.

Zenith Bank has registered 2.62% intraday gain at the time of filing this report. FBN Hollings recorded 1.73% price appreciation supported renewed buying interest in Marina based financial behemoth.

OANDO Plc has seen a 0.47% price appreciation during midday session, while Accesscorp plc has gained 02.9% and UBA did 0.22% among other gainers.

Overall, the NGX Banking Index gained 0.72% at mid-day. There is probability that the market will close positive again today, according to stockbrokers. #UBA, Access, FBNH Drive Intraday Gain on NGX

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The post UBA, Access, FBNH Drive Intraday Gain on NGX appeared first on MarketForces Africa.