Banking Index Sinks 2.31% Intraday as GTCO, UBA, ZENITH Tumble
Due to huge selloffs in GTCO, FBNH, UBA and Zenith Bank stock, the market may likely close negative as banking index has lost more than 2.3% during intraday trading session on the Nigerian Exchange.
The equities market is trading negatively during early trading session due to negative investors’ sentiment amidst ongoing public offers, and rights issues.
Currently, market value of top big banks are falling due to negative investors’ perceptions after strong rally on Wednesday.
Equities investors are trading cautiously ahead of second quarter of financial year 2024 earnings release, realigning portfolios to optmise returns from stocks with solid fundamentals, and right pricing.
In its market update, Alpha Morgan Capital Limited said at mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.09%.
Stockbrokers at the investment firm explained that the downward trajectory is attributed to selling pressure in some high cap stocks.
These banking stocks that are currently trading negative include GTCO -5.49%, FBNH -3.16%, ZENITHBANK -3.00%, UBA -2.10%, and others.
GTCO has lost 5.49% of its market value during early trading session in the equities market. Investors have sold down their interest in FBN Holdings, losing 3.16% of its market value. Zenith bank market value has plummeted by 3% while UBA has lost 2.10% of its opening price due to selloffs.
Due to weak perception on the banking heavyweights, the NGX Banking Index is currently losing -2.31%. #Banking Index Sinks 2.31% Intraday as GTCO, UBA, ZENITH Tumble
