Dangote Sugar, Fidelity Bank Drive Midday Loss in Equity Market
Dangote Sugar Refinery, Fidelity Bank, and Insurance names are driving the Nigerian Exchange (NGX) all-share index (ASI) downward as investors continue to book profit across key indexes.
The local broke the rally trend on Wednesday as investors sentiment turned belly down. The Nigerian Exchange index has lost significantly, and it will only take buying interest to upturn trading direction.
Stockbrokers said market perception has started to twist to negative, reflecting that a potential market correction is gathering momentum amidst earnings releases. The market direction could quicken profit-taking until new catalysts form, stock analysts said, noting that the release of first-half results by top banks could boost sentiment.
At midday, the NGX All-Share Index slipped by 0.22%, Alpha Morgan Limited told investors in an emailed note, indicating bearish market sentiment. The investment firm said in its emailed note that the stock market decline was largely driven by sell pressure from investors on some mid- to high-capitalized stocks.
Ticker: MANSARD -9.91%, AIICO -9.89%, NEM -3.73%, CUSTODIAN -3.54%, DANGSUGAR -3.51%, FIDELITYBK -2.14%, STERLINGNG -1.36%, FCMB -0.89%, INTBREW -0.78%, GTCO -0.67%, OANDO -0.38%, UCAP -0.25%, among others.#Dangote Sugar, Fidelity Bank Drive Midday Loss in Equity Market Oando: Strategic Capital Moves Signal Path to Recovery, Positive Outlook
