Banking Stocks See Huge Intraday Selloffs, NGX Down Sharply
In an effort to balance their portfolio holdings ahead of Q1 earnings, equities investors were seen dumping banking stocks during the intraday trading session on the Nigerian Exchange (NGX).
The market is bleeding profusely with 81 basis point intraday decline in the market value of all listed stocks on the NGX. Investors’ sentiment turned red after the rebased consumer price index pulled back in March.
Stockbrokers said they have been executing more sell orders following the latest disinflation. Coincidentally, some offshore portfolio investors have continued to sell down naira assets.
At midday, the NGX All Share Index witnessed a bearish trend, reflecting a loss of -0.81%, Alpha Morgan Capital Limited said in an emailed note to investors. Stockbrokers said the major decline was largely driven by sell-offs in some mid- to high-capitalized stocks.
Early decliners include GTCO (-4.92%), FCMB (-3.80%), ZENITHBANK (-3.17%), OANDO (-0.92%), UBA (-0.48%), STERLINGNG (-0.19%), among others. # Banking Stocks See Huge Intraday Selloffs, NGX Down Sharply MTN Nigeria Net Loss Grows by 192% to N400 billion
