Selloffs in Banking Names Drag NGX Index Down Intraday
Banking stocks have remained profit-taking targets for value hunters on the Nigerian Exchange, NGX, due to weak buying sentiment. All the big banks are tracking lower amidst their 2024 earnings delay.
The fast-changing narrative in the financial markets has continued to trigger sell pressures. The market opened the week negative, and it appears there is no end in sight year as investors reacted to an inflation rate slowed down, exiting positions in banking names.
The market has seen investors rebalancing portfolios with more exits than entry despite earnings, and dividend announcements by companies. Momentum is however, expected to pick up as Tier-1 banks enter the last phase of the earnings release period.
At midday, the NGX All Share Index trended negatively, posting a loss of -0.02%, Alpha Morgan Capital Limited told investors in an emailed note. Stockbrokers said the bearish trend is due to the selling pressure of investors on some mid- to high-capitalised stocks. T
op losers during early trading hours on Tuesday include JAIZBANK (3.66%), FIRSTHOLDCO (-1.93%), WEMABANK (-1.40%), GUINNESS (-1.13%), OANDO (-0.69%), UBA (-0.55%), ACCESSCORP (-0.43%), ZENITHBANK (-0.32%), STERLINGNG (-0.19%), GTCO (-0.08%), among others. NGX is Bleeding, Equities Investors Exiting Position
