Banking, Oil Stocks Drive Intraday Loss in Nigerian Market
With sell pressures in banking, oil stocks, and the Nigerian Exchange (NGX), the all-share index headed south during the intraday trading session on Wednesday. The local bourse has shed 33 basis points in equity portfolio value at noon amidst the latest round of market correction.
The market is bleeding profusely again after investors lost N1.33 trillion the previous day as sell-side actors’ activities plunged key performance indicators lower. The buying momentum has eased significantly due to downbeat investor sentiment with the slowdown in corporate earnings release.
Stockbrokers told MarketForces Africa in a phone chat that the local bourse is more likely to close negative today due to significant intraday loss. At midday, the NGX All Share Index traded in negative territory, Alpha Morgan Capital Limited said in an emailed note to investors on Wednesday, recording a decline of -0.33%.
Stockbrokers said the downturn was primarily driven by sell pressure in some mid- to high-capitalized stocks. The top intraday losers include CONOIL (-9.98%), INTBREW (-9.03%), AIICO (-6.98%), TRANSCORP (-5.72%), and MANSARD (-3.99%).
Other decliners include DANGSUGAR (-3.07%), STANBIC (-2.46%), STERLINGNG (-2.44%), FCMB (-2.31%), GTCO (-1.05%), ACCESSCORP (-0.18%), and FIRSTHOLDCO (-0.15%), among others. # Banking, Oil Stocks Drive Intraday Loss in Nigerian Market
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