Banking Index Dips as Intraday Selloffs Hit Tier-1 Lenders
Equities investors in the stock market are currently offloading their interest in some banks, data from midday trading session on the Nigerian Exchange (NGX) revealed.
The market appears to be reacting to increase in benchmark interest rate with expectation that there will be yield repricing in the fixed income market amidst today’s primary market auction.
At mid-day, the NGX All Share Index is facing bearish run, reflecting a loss of -0.04%, Alpha Morgan Capital Limited said in its email note to investors.
Stockbrokers said the downward trajectory is attributed to selling pressure in some mid to high capitalized stocks, especially the banking sector stocks.
ZENITHBANK has lost 2.44% of its opening market value due to negative price movement following sizeable selloffs on the lender’s shares. United Capital Plc (UCAP) has also shed 1.68% amidst bonus and interim dividend notice.
UBA Plc has lost 1.54% intraday as the market awaits the Pan African capital raising offer ahead of its earnings release. ACCESSCORP is down by 0.26% amidst fund raising in the capital market, the same pattern seen in GTCO, which is currently down 0.11%, among others.# Banking Index Dips as Intraday Selloffs Hit Tier-1 Lenders. Oil Prices Rise as US Crude Inventories Fall Sharply
