Oando Plc and leading banking stocks such as UBA and Zenith Bank are fueling a midday rally on the Nigerian Exchange (NGX), pushing key performance indicators into positive territory. Market data from the local bourse indicates heightened bargain-hunting activity, particularly in mid- and large-cap stocks, with banking equities drawing significant investor attention.
Oando Plc is showing signs of recovery following a steep year-to-date decline, while Stanbic IBTC has gained momentum, catching investors’ eyes as a tier-2 lender on the rise.
Access Holdings is also trending upward, albeit modestly, while Zenith Bank recorded a 21-basis-point price increase. UBA trails closely behind in a rally that has lifted the NGX All Share Index by 12 basis points, according to a midday report from stockbrokers.
Alpha Morgan Capital Limited, in an emailed market update, confirmed that the NGX All Share Index rose by 0.12% at midday, reflecting a positive market sentiment.
Stockbrokers attributed the upward movement to renewed buying interest in selected mid- to high-cap stocks. Early gainers include Stanbic IBTC (5.38%), Oando (3.13%), UCAP (2.50%), Access Holdings (0.47%), Zenith Bank (0.21%), and UBA (0.14%), among others.
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