NGX Index Dips Intraday as JAIZBANK, ARADEL Slump
The Nigerian Exchange (NGX) All-Share index is trending lower during the intraday trading session on Tuesday. The sell pressures seen in banking and oil and gas names dragged market index lower by 10 basis points.
The local bourse posted strong growth due to renewed interest in banking names, while investors anticipate the release of Tier-1 banks earnings.
Stockbrokers told MarketForces Africa in phone calls that positive sentiment has fizzled away as investors began to exit positions. They said, however, that potential demand for bellwether stocks could redirect trading patterns.
At midday, the NGX All Share Index edged down by 0.10%, Alpha Morgan Capital Limited told investors in an emailed note on Tuesday.
This reflects a slight downturn, according to stockbrokers, who said the decline was driven by selling pressure of investors on some mid to high-capitalised stocks.
The top early losers include JAIZBANK (-3.65%), ARADEL (-3.26%), ACCESSCORP (-2.22%), among others. NGX Index Dips Intraday as JAIZBANK, ARADEL Slump Transcorp Hotels Hits Record High Ahead of Dividend Payment
