BUA, Transcorp, Big Banks Drag Nigerian Exchange Down
The equities market is trading negative again on Tuesday after opening the week with a huge loss yesterday. The bearish moves were led by BUA Cement, Transcorp, and Oando including selloffs in big banks.
During early trading hours on the Nigerian Exchange (NGX) platform, equities investors started with a stock-selling spree. Traders said most of the selloffs were in financial stocks, with banks shares being the top target for profit takings.
At mid-day, the Nigerian Exchange All share Index (NGX-ASI) trended negatively, reflecting a loss of -0.50%, Alpha Morgan Capital Limited told investors in an emailed note.
Stockbrokers said the downward trajectory is due to selling pressure in some major capitalized stocks, including OANDO -9.97%, UCAP -4.14%, BUACEMENT -3.94%, FBNH -3.93%, UBA -3.28%, ZENITHBANK -2.59%, GTCO -0.55%, and TRANSCORP -0.45%, among others.
Down by 9.97%, Oando Plc reversed the previous day’s gain during early trading hours due to profit takings. BUA Cement maintained a downtrend in the equities market, lost 3.94% during the intraday trading session.
FBN Holdings Plc has seen negative price movement that reduced its market valuation by 3.93% amidst Barbican Capital suit for alleged wrong shareholding data.
UBA has extended its loss by 3.28% ahead of the group’s first half earnings results for 2024. After the facts behind the figure, investors have continued to sell down shares in Zenith Bank. The banking stock just lost 2.59% on Tuesday amidst a N290 billion capital raising plan.
GTCO is down by 0.55% as its public offering comes to a close, while Transcorp Plc is also 0.45% lower than its opening price. #BUA, Transcorp, Big Banks Drag Nigerian Exchange Down Oil Dips over Uncertainties in Crude Demand, Supply
