BUAFOODS, FBNH, FIDELITYBK Drive Intraday Loss on NGX
Large selloffs in BUA Foods, FBN Holdings, Lafarge WAPCO and Fidelity bank among other stocks have triggered yet another intraday loss on the Nigerian Exchange (NGX), according to Alpha Morgan Capital stockbrokers.
The stock market started bleeding from the beginning of the week when equity investors lost a whooping sum of N550 billion as NGX opens negative. Weak sentiments and uncertainties in the Nigerian macroeconomic condition including the recent 150 basis points increase in benchmark interest rate have become pressures point for the domestic bourse.
In its mid-day equity report, Alpha Morgan Capital stockbrokers note shows that the equity market is currently trading downward, following sell-side pressures. BUAFOODS has lost 10.00% midday while FBNH has depreciated by 2.78%. INTBREW share price is down 2.65%, and FIDELITYBK falls 1.49%.
TRANSCORP has also lost 0.80%, STERLNBANK declined by 0.64%, and WAPCO pullback 0.38% of its opening value. Overall, the NGX All Share Index (ASI) is down by 0.40%, according to Stockbrokers’ note. # BUAFOODS, FBNH, FIDELITYBK Drive Intraday Loss on NGX