Buying activity in several financial stocks is driving momentum on the Nigerian Exchange midweek. UBA, Zenith, and FBN Holdings were among the commercial lenders that drove the index upward.
Stockbrokers told MarketForces Africa in an interview at Broadstreet that the Nigerian Exchange is projected to continue to rise owing to results season, which has raised the expectations of numerous investors.
The market saw sale pressure in the last week of earnings season as investors refocused their attention on growth and value firms that matched their risk appetite.
According to stockbrokers, equities investors will continue to look for firms that offer both dividend payments and capital appreciation in the coming weeks as earnings reports begin to decline.
NGX records showed that sectoral performance was broadly positive, with three indices closing higher. The Banking index (+2.41%) led the gains, bolstered by strong buying interest in FBNH, ZENITHBANK, and UBA.
FBN Holdings gained 6.49% as investors take position amidst N350 capital raise plan by the board of directors. Zenith Bank surged by 4.66% after trading steady over weeks. UBA popped higher again,. Up by 5.19% after the group earnings release.
