Banks Stocks Face Selloffs, NGX Sees Intraday Loss
The equities market is trading negative during the intraday trading session on the Nigerian Exchange (NGX), driven by sell pressures in banking names.
Investors are dumping banks stocks ahead of ahead of second quarter earnings release. Banks are also in the mood for strong capital raising, while investors are making choice between accepting rights issues or trading in the open market.
Price fluctuations have reduced stock market valuation. At mid-day, the NGX All Share Index displayed a downward trend, Alpha Morgan Capital Limited said.
Stockbrokers said the sliding market index translated a loss of -0.05%. This negative movement is attributed to sell-side pressure in some high-cap banking stocks, including FBNH -2.22%, UBA -1.74%, ZENITHBANK -0.93%, GTCO -0.88%, among others.
FBN Holdings Plc has become volatile with seesaw price movement. The elephant branded financial services stocks has lost 2.22% of its market value during the midday trading session.
UBA Plc has also lost 1.74% of its market value, according to data from the Nigerian Exchange while Zenith Bank Plc dipped by 0.93%. GTCO Plc is already trading 0.88% below its opening price.
Currently, the NGX Banking Index had lost -0.71% as at mid-day. # Banks Stocks Face Selloffs, NGX Sees Intraday Loss ISO: Sugar Council Boss Emerges as Global Chair
