Value Hunters Dump Banks Shares, NGX Sees Intraday Loss
There is an ongoing selloff in the Nigerian Exchange (NGX), according to a midday report from Alpha Morgan Capital stockbrokers as value hunters continue to dump banking shares. The sector’s weak valuation but a better dividend-paying history have persistently kept stock buyers at the edge.
Portfolios rebalancing amidst the second-quarter earnings season has reflected in trading patterns as the market continues to book profits. The decline in bargain hunting has left year-to-date return moderating. Nigeria’s local bourse return had spiked above 26% but is now in the risk zone.
In its midday equities report, Stockbrokers at Alpha Morgan Capital told clients via email that trading activities are heading downward. There are price declines in Flour Mills of Nigeria, OANDO apart from banking shares.
Specifically, Alpha Morgan Capital told investors that FLOURMILL is down 2.94% during the intraday trading session and OANDO has lost 1.54%. In the banking category, ZENITH BANK’s share price is down 1.14%, United Bank for Africa (ticker:UBA) has shed 0.68%, ACCESSCORP is 0.55% below its opening price today, and GTCO has declined 0.48%.
Overall, the NGX All Share Index (ASI) is down by 0.03%. # Equities Investors Dump Banks Shares, NGX Sees Intraday Loss
