Zenith Bank, GTCO, and other banking stocks are fueling an intraday rally on the Nigerian Exchange (NGX) on Wednesday, rebounding from a weak market performance the previous day that saw key indicators decline due to profit-taking.
Most of the early gainers had recently seen price dips, suggesting investors are returning to take advantage of potential upside opportunities. MTN Nigeria is also contributing to the positive momentum in the equities market, coinciding with the Central Bank’s N550 billion Treasury bill offering.
By midday, the NGX All-Share Index edged up by 0.01%, according to a note from Alpha Morgan Capital Limited. Stockbrokers attribute the rise to renewed investor interest in mid- to high-cap stocks.
Among the top early gainers were JAIZBANK (3.93%), STERLINGNG (2.86%), FCMB (2.02%), MTNN (0.33%), FIDELITYBK (0.29%), ZENITHBANK (0.21%), and GTCO (0.17%).
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