Equities Investors Seen Exiting Positions in Banking Stocks
Nigerian stocks are tracking lower during intraday trading session on the back of weak investors’ sentiment. The Nigerian Exchange All share index is down by 28 basis points as profit taking activities overshadow bargain on growth, value stocks.
This is coming amidst expectation that the exchange would post huge gain after Zenith Bank announced landmark earnings performance boosted by earnings from treasury investment.
At mid-day, the NGX All Share Index declined by -0.28%, Alpha Morgan Capital Limited said in an emailed note to investors, indicating a bearish trend has gone deeper than anticipated.
Stockbrokers attributed the midday loss to the selling pressure of investors on some mid to high capitalized stocks, major banking names. NGX data revealed early decliners to include WEMABANK (-6.28%), FCMB (-4.10%), STERLINGNG (-3.64%), INTBREW (-3.46%), and ZENITHBANK (-2.76%).
Others decliners include JAIZBANK (-2.73%), UCAP (-2.36%), OANDO (-2.00%), ACCESSCORP (-1.56%) and FIDELITYBK (-1.31%), among others. #Equities Investors Seen Exiting Positions in Banking Stocks Seplat Energy Trades Flat Despite Price Sensitive Corporate Actions
