FBNH, UBA, Sterling Bank Drive NGX Intraday Loss
Equity investors are currently trading exits on First Bank of Nigeria Holdings, United Bank for Africa (UBA) and Sterling Bank stock, thus dragging the market lower, according to an intraday report by Alpha Morgan Capital.
The sell-down signal early exit as the Monetary Policy Committee of the Central Bank of Nigeria (CBN) commences a two-day meeting today, most analysts said the apex bank will not rock the boat, thus the expectation of rates adjustment is unlikely.
Midday trading data from the local bourse shows that the equity market is trending on a bearish note, following price declines in UCAP Honeywell and Transcorp apart from the financial stocks.
UCAP share price is down 0.40%, FBNH falls by 0.84%, UBA has shed 1.27% of its opening value as the selling rallies continue.
Also, STERLNBANK share price is 1.31% lower HONYFLOUR has depreciated by1.34%, and TRANSCORP share price has tumbled 1.75% during the midday trading.
Overall, stockbrokers said the Nigerian Exchange All Share Index (ASI) is down by 0.15%. # FBNH, UBA, Sterling Bank Drive NGX Intraday Loss READ: Banks Shares, MTNN Drive Intraday Rally on NGX
