The capitalization of the Nigerian Exchange (NGX) equity market is now on the rise as banking stocks began to gather momentum following a sharp decline in the previous few days.
As per the lunchtime report from Alpha Morgan Capital, there was an increase of 0.12% in the NGX All Share Index (ASI). Stockbrokers ascribed the intraday rise to investor purchasing interest in a number of mid-to high-cap companies, such as TRANSCORP 1.12%, ZENITHBANK 2.26%, UBA 1.96%, FBNH 3.96%, and ACCESSCORP 2.65%.
FBN Holding Plc has increased its share price by 3.96% during the intraday trading session, while Access Holdings Plc has seen a share price spike of 2.65%. The share price of Zenith Bank increased by 2.26%, while the market valuation of UBA increased by 1.96%.
These stocks have plunged significantly after they released strong profits ahead of recapitalisation. Also supporting intraday gain registered on the local bouse, Transcorp Plc recorded a 1.26% gain to lift the equities market performance upward.
