FBNH, FIDELITY, STERLING, and UBA Drive Midday Loss
FBN Holdings, Fidelity, Sterling and United Bank for Africa Plc are currently driving midday loss on the Nigerian Exchange, according to the report.
Stock pickers at Alpha Morgan Capital Limited said in an email to clients that the Nigerian equity market is currently trading on a bearish note following decreases FIDELITYBK (-0.36), UBA (-0.59%), NGXGROUP (-1.27%), STERLNBANK (-1.32%), UACN (-2.20%), and FBNH (-3.23%).
Overall, the NGX All Share Index is lower by 0.03% amidst the third quarter earnings releases. NGXgroup would likely drop further at the close of the market. Price decline on the ticker has been persistent since the initial listing on the local bourse.
FBNH price went down yesterday to N12.40, though the stock had rallied, according to a midday report. Some speculators appear to have started offloading the stock after APT Securities and Funds Limited ended a massive mop-up for billionaire investors, Femi Otedola.
Some analysts believe the financial service supermarket would see some price correction that will depict its fundamentals and of course it third-quarter earnings result has a significant role to play on its latest valuation.
Despite a midday rally reported yesterday, the Nigerian local bourse ended almost flattish with a N10 million gain.
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