INTBREW, Banking Stocks Drive Intraday Loss on NGX

INTBREW, Banking Stocks Drive Intraday Loss on NGX

International Breweries Plc (Ticker: INTBREW) and some banking stocks, including Ecobank, GTCO, and FCMB, are driving intraday loss in the equities market on Wednesday, trading details from the Nigerian Exchange (NGX) revealed.

The top banking names had bucked the negative trend in the stock market on Tuesday even while the NGX all-share index went south. Amidst a flurry of earnings releases, the bearish trend in the local bourse persisted, and signals showed equities market capitalisation is more likely to reduce sharply at the end of the trading session.

Investors are currently taking profit on International Breweries after strong weekly performance last week. At midday, the NGX All Share Index trended negatively, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a loss of -0.12%.

Stockbrokers said the downturn is due to the selling pressure of investors on some mid- to high-capitalized stocks.

Top loser include ETI (-10.00%), INTBREW (-10.00%), GTCO (-0.18%), and FCMB (-1.12%), among others. # INTBREW, Banking Stocks Drive Intraday Loss on NGX #INTBREW, Banking Stocks Drive Intraday Loss on NGX