Zenith, GTCO drive intraday gain on NGX equities market

Zenith Bank, GTCO, and other banking names are currently driving an intraday rally in the equities segment of the Nigerian Exchange (NGX) on Wednesday. The fresh bargain hunting followed weak equities market performance reported yesterday, where profit taking damaged key indicators. Most of the early risers stocks gaining early momentum were priced downward recently, suggesting investors are re-entering positions after spotting upside potentials.
Telecom Company stock, MTN Nigeria is among the sectoral indices supporting the intraday uptrend in the local bourse, the same day when the Central Bank is offering a Treasury bill worth N550 billion for subscription. At midday, the NGX All Share Index experienced a slight upward movement, posting a modest gain of 0.01%, Alpha Morgan Capital Limited said in an emailed note. Stockbrokers explained that the increase was driven by investors’ interest in some mid- to high-capitalised stocks.