Banking Index Slumps during Intraday Trading on NGX
The banking index bled slightly during the intraday trading session on Nigerian Exchange (NGX) due to selloffs on Tier-1 banks shares. Equities investors are trading cautiously as the market awaits the outcome of central bank monetary policy committee meeting today.
At mid-day, the NGX All share Index trended negatively, reflecting a loss of -0.05%, said Alpha Morgan Capital Limited in a note to investors.
Stockbrokers said the negative movement is due to selling pressure in some mid to high capitalized stocks, including TRANSCORP -2.08%, FIDELITYBK -1.85%, FBNH -1.13%, UBA -0.65% and ACCESSCORP -0.26%, among others.
Transcorp Plc has lost 2.08% during early trading hour in the local bourse, reflecting weak investors’ sentiment on the conglomerate ahead of Q2 earnings release.
Fidelity Bank experienced selloffs that plunged its market price lower by 1.85% and FBN Holdings has lost 1.13% of its market value at noon. Trading data released by Alpha Morgan Capital Limited in its midday report showed that UBA is down by 0.65% while Access Holdings Plc has lost 0.26%.
The net effects of the negative trading pattern showed that the NGX Banking Index had lost -0.31% as at mid-day. # Banking Index Slumps during Intraday Trading on NGX. Senate Passes 2024 National Minimum Wage Amendment Bill
