Ecobank, Oando drive intraday gain on NGX

Ecobank, Oando and other early risers are currently driving the Nigerian Exchange All share index higher in the local bourse.  The market has been heated up with strong bargain hunting in banking stocks, and others following a downturn last week. Investors are making fresh entry into stocks which had lost some value due to profit taking activities.  Last week, sell side actors offloaded relatively priced stocks amidst positive real return in the fixed income space. But stockbrokers are looking towards the renew entry of bullish investors as prices of growth, value stocks have been affected by weak sentiment.
The stock market is projected to trade positive this week due to expected demand for stocks that have bottomed out. At mid-day, the NGX All Share Index edged up by 0.01%, reflecting a slight positive trend, Alpha Morgan Capital Limited told investors in a note. Stockbrokers said this gain was fueled by investor interest in some mid to high capitalized stocks. Early gainers include ETI (7.57%), OANDO (3.36%), FBNH (0.85%), ARADEL (0.40%), FIDELITYBK (0.28%), ACCESSCORP (0.20%), and others.