BUAFOODS, GTCO, ZENITH Drive Intraday Loss on NGX
After losing more than N20 billion on Monday, the equities segment of the Nigerian Exchange (NGX) appears to be going south again as selloffs persist on large-cap companies’ shares.
In its midday report, Alpha Morgan Capital informed clients via email that BUA Foods, GTCO, and Zenith Bank have been priced down on the floor of the local exchange, among others.
This signals that profit-taking trading activities would be sustained today, but this could also be reversed on a 50:50 ratio if there is an interest in bellwether companies’ shares.
Alpha Morgan Capital report noted that the equity market is currently trading downward, following price declines in AIICO, NASCON, BUAFOODS and others. READ: Investors Take Position in Dividend Stocks Ahead of Earnings Season
AIICO’s share price has dropped off 7.81%, NASCON is down by 6.38% and BUAFOODS has lost 6.36%. HONYFLOUR dipped by 1.45% while GTCO share price pulled back by 0.24% and ZENITH BANK by 0.23%.
Overall, the Nigerian Exchange All Share Index (ASI) is down by 0.21%.# BUAFOODS, GTCO, ZENITH Drive Intraday Loss on NGX. Read Also: BUA Foods Shareholders Get N63 Billion as Dividend
