Ecobank, Access Holdings Drive Intraday Rally on NGX

Ecobank, Access Holdings, and Unilever Nigeria Plc are among the early gainers driving an intraday rally in the equity market on Monday. The Nigerian Exchange (NGX) continues to reach new heights with investors taking positions amidst earnings releases. The local bourse expanded above N85 trillion as investors risk appetite continues to increase following a shift in the yield curve at the fixed income market. At midday, the NGX All-Share Index rose by 0.40%, Alpha Morgan told investors in an emailed note, indicating positive market sentiment.
Stockbrokers reported that the upward movement was fuelled by renewed investor interest in some mid- to high capitalized stocks. Top intraday gainers include ETI (9.06%), UNILEVER (6.30%), and VFDGROUP (5.38%). Other gainers seen on midday chart includes INTBREW (5.26%), ACCESSCORP (2.89%), JAIZBANK (2.79%), OANDO (1.58%), DANGCEM (1.42%), FCMB (1.02%), WAPCO (0.76%), DANGSUGAR (0.68%), and FIDELITYBK (0.24%), among others.