Banking Names, Oil Stocks Drag NGX Index Down
The Nigerian Exchange (NGX) index dipped during the intraday trading session as investors opened the trading session in a negative mood. Trading records revealed that the local bourse has started to bleed again in the new week.
NGX lost N1.22 trillion over five trading sessions due to investors picking profit on stocks that recent reported positive price appreciation. Again, investors have started to sell down stocks as part of portfolio rebalancing.
At mid-day, the NGX All Share Index trended downward, reflecting a loss of -0.54%, Alpha Morgan Capital Limited. Stockbrokers said the negative movement is due to selling pressure of investors on some high capitalized stocks.
Trading data revealed that ARADEL share plunged by 9.99% as selloffs on the energy stock persisted. Ticker: OANDO lost 9.98% as investors pulled out after the company released its audited financials.
ZENITHBANK has lost 1.82% after the previous week’s gain. FBN Holdings plunged by -1.30% and ACCESSCORP has shed 0.23%, among others. #Banking Names, Oil Stocks Drag NGX Index Down Liquidity: Banks Drive Yield Surge with T-Bills Selloffs
