Banking Stocks Selloffs Drive Intraday Loss in Equities Market
The Nigerian Exchange, NGX Equities market index, slipped during the intraday trading session as investors dumped banking stocks. The massive selloffs caused banking names market value to fall below their respective opening price.
A switch in investors sentiment, which followed the rebased consumer price index and subsequent monetary policy rate hikes slowdown, has continued to linger.
The local bourse closed negative on Monday, losing N231 billion as the sectorial performance shrank. At mid-day, the NGX All Share Index declined by 0.15%, reflecting a bearish market sentiment, according to Alpha Morgan Capital Limited.
Stockbrokers attributed the downturn to the ongoing selling pressure of investors on some mid to high-capitalised stocks.
Early losers include STERLINGNG (-5.08%), JAIZBANK (-4.41%), UCAP (-2.97%), FIDELITYBK (-1.65%), WEMABANK (-1.64%), JBERGER (-1.33%), FBNH (-0.85%), and ZENITHBANK (-0.62%).
Others include ACCESSCORP (-0.58%), FCMB (-0.47%), GTCO (-0.32%), UBA (-0.27%), WAPCO (-0.13%), ARADEL (-0.12%), among others. #Banking Stocks Selloffs Drive Intraday Loss in Equities Market Eterna Plc. Shrinks by 10% as Investors Sentiments Dive
