Zenith Bank, UBA sharp intraday rally boost NGX index

The Nigerian Exchange (NGX) All Share Index is green during intraday trading hours over sharp bargain hunting in Zenith Bank, UBA, GTCO, and some tier 2 lenders on Friday. The local bourse has seen huge intraday gains on solid positioning across sectoral indexes that could possibly push the local bourse to N80 trillion market capitalisation. Based on the trading pattern, equities investors continue to show preference for banking names with heavy earnings capabilities. Telecom and other financial institution players are also gaining attention, supported by interest in Lafarge WAPCO and other small caps. At midday, the NGX All-Share Index rose by 1.11%, Alpha Morgan Limited said in an emailed note to investors, reflecting a positive market sentiment.
Stockbrokers reported that this upward trajectory was fueled by heightened investor interest in several mid- to high-capitalized stocks. Notable top gainers include NGXGROUP (10.00%), ZENITHBANK (9.94%), UBA (9.85%), STERLINGNG (7.93%), FCMB (7.81%), JAIZBANK (7.69%), and WAPCO (5.05%). Others include ACCESSCORP 3.90%, GTCO 3.87%, FIDELITYBK 3.45%, VFDGROUP 2.94%, WEMABANK 1.86%, FIRSTHOLDCO 1.55%, UCAP 1.44%, MTNN 1.28%, among others.