Sterling, GTCo, Access drive midday NGX rally in post Easter trading

BY CHARLES ABUEDE

After the run of profit taking last week when investors gained N474 billion from four trading sessions that saw banking stocks drive a positive close, as well as the positive rally on the NGX, the resumption of trading on the floor of the exchange on Tuesday after the Easter holidays brought about more heavy buying interests in some banking stocks in the midday rally.

Alpha Morgan securities traders, in a mail notification to clients, reported that in line with expectations and ahead of earning season for some of the major banking heavyweights, the heavy buying interests had seen a push in the All-Share Index higher midday with the exchange trading on a bullish run, largely due to bargain hunting in the banking stocks, overall.

They noted a wild demand in Sterling Bank, despite the tier-2 lender’s Easter celebration’s expensive joke on the Christian faith. Also, they reported that Guaranty Trust Bank gained momentum while Fidelity Bank was rising by midday. In the consumers’ segment, Transcorp’s share price inched up and bargain hunters rallied around insurance company Mansard’s shares.

“GTCO share price inches up 0.20 percent, ACCESS Holdings gains 0.49 percent, Transnational Corporation jumps by 1.98 percent, Fidelity Bank is up 2.08 percent. United Capital share price is up 3.02 percent, AXA Mansard has been repriced upward by 3.09 percent, and Sterling Bank rises 5 percent. Overall, the NGX All Share Index (ASI) is up by 0.03 percent,” Alpha Morgan Securities traders expressed.