The Nigerian Exchange’s (NGX) equity market is gaining traction thanks to FBN Holdings, GTCO, and UBA as investors continue to increase positions ahead of earnings announcements.
Following a strong close last week, the market is seeing another rise during early trading hours on Monday.
According to Bizwatch Nigeria, investors’ buying interest in Tier-1 banks increased as expected after their combined market valuation dropped to N4.8 trillion.
Market expectations indicate that the second quarter of the 2024 fiscal year will begin to decline in July, as some financial institutions have reported in their regulatory filings.
At midday, the NGX All Share Index remained unchanged from the last closing at 0.00%, Alpha Morgan Capital Limited told investors.
The gains in some Tier-1 banking sector stocks, including FBNH 3.17%, UBA 0.44%, and GTCO 0.11%, were offset by losses in other mid- to high-cap stocks, stockbrokers said.
FBN Holdings has gained 3.17% during the intraday trading session on the local bourse after a negative performance last week. UBA has surged by 0.44%, while GTCO gains are up by 0.11%. The banking index had gained 0.41% as of mid-day.
