Banking Stocks See Intense Sell Heat on NGX
The Nigerian Exchange, NGX, All share index dipped during the early trading session due to sell pressures facing banking names. Investors are currently exiting positions in some financial stocks in the market as sentiment wanes.
In their separate stock market recommendation, Afrinvest Securities Limited and Atlass Portfolios Limited mood appeared to have switched to predominantly bearish. These investment firms are guiding investors to trim their holdings in banking stocks, oil and gas index, the consumer goods and industrial names.
Stockbrokers said buy orders have been limited as investors watch and see development in the fixed income market. Local investors have continued to capitalise on positive real return on naira assets as interest rate exceed inflation numbers.
At mid-day, the NGX All Share Index trended negatively, displaying a loss of -0.05%, according to Alpha Morgan Capital Limited. Stockbrokers attribute the bearish trend to the selling pressure of investors on some mid to high-capitalised stocks.
Early losers on NGX include UCAP (-2.00%), ACCESSCORP (-1.89%), DANGSUGAR (-0.97%), STERLINGNG (-0.84%), ZENITHBANK (-0.81%), UBA (-0.53%), and others. #Banking Stocks See Intense Sell Heat on NGX Afrinvest Advises Investors to Reduce Airtel, MTNN Stocks
