Access Bank, MTN Nigeria See Intraday Loss in Equities Market
Access Plc, MTN Nigeria declined during early trading hour on the floor of the Nigerian Exchange due to a bout of selloffs. Investors trading the highs and the lows started picking profit on banking and telecom names after previous day rally.
Access Holdings is currently in the market to raise fund, though the financial services company, which is the largest by total assets, has yet to release its first half year results.
MTN Nigeria relapsed after recovering from previous selloffs. Zenith Bank share price is also declining amidst the group public offers and rights issue to existing shareholders. Other decliners include Fidelity Bank Plc, a tier-2 lender that just concluded its public offer in the market.
At mid-day, the NGX All Share Index trended in a downward trajectory, registering a -0.21% loss, Alpha Morgan Capital Limited told investors in an email note today.
Stockbrokers attributed the decline to selling pressure of investors in some mid to high capitalised stocks such as MTNN -6.01%, ACCESSCORP -0.78%, FIDELITYBK -0.47%, ZENITHBANK -0.26%, among others.
MTN Nigeria Plc has lost 6.01% of its huge market value during the intraday trading session. Access Plc has shed 78 basis points of its opening value while Zenith bank has lost 0.26%.
Fidelity Bank is down by 47 basis points. There are other early decliners in the local bourse. Also, the NGX banking Index had lost -0.20% as at mid-day.# Access Bank, MTN Nigeria See Intraday Loss in Equities Market
Nigeria’s Budget Deficit to Exceed N9.1Trn – Economic Report
