The Nigerian Exchange (NGX) witnessed a significant midday surge on Wednesday, fueled by a rally led by First Holdco, Oando, and Zenith Bank. Despite a global stock downturn impacting the broader market, these stocks emerged as top performers, driving the bullish sentiment across the equities segment.
At the heart of the rally, Oando saw its share price rise to the daily maximum allowable limit of 10%, reflecting strong investor confidence in the energy stock despite its recent struggles. Similarly, Zenith Bank gained 1.70%, while First Holdco saw an uptick of 2.77%, as investor interest shifted toward these key financial and energy players.
The NGX All Share Index recorded a positive movement of 0.06%, with analysts from Alpha Morgan Capital Limited attributing the gains to the buying interest in mid- to high-capitalized stocks. Other notable gainers included UCAP (+3.45%), Wema Bank (+0.93%), and Jaiz Bank (+0.33%).
Stockbrokers are closely watching this upward trend, hopeful that it signals a broader recovery for the Nigerian stock market as it continues to push higher despite global headwinds.
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