FBNH, ZENITH, GTCO Face Intraday Sell Pressure on NGX
The equities market is trading negative early on Monday due to renewed selloffs in banking names, especially FBN Holdings, Zenith and others.
The bearish play began on Tier-1 names due to weak investors’ sentiment seen during early trading session. Some stock traders are exiting their positions following mild price recovery ahead of second quarter earnings releases.
In its market update, Alpha Morgan Limited confirmed that at mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.11%.
Stockbrokers said the negative movement is due to selling pressure in some mid to high-cap stocks, including FBNH -3.90%, TRANSCORP -3.89%, ZENITHBANK -1.20%, GTCO -0.21%, UBA -0.21%, among others.
FBN Holdings has lost 3.90% of its opening market value as investors exit positions in the financial services stocks during intraday session. Transcorp Plc has lost 3.89% of its market value, followed by Zenith which the market has priced down by 1.20%. GTCO has given up 0.21% of its opening market value, while UBA also shed the same rate.
Also, the NGX Banking Index had lost -0.63% as at mid-day, according to Alpha Morgan Capital Limited, citing data from the Nigerian Exchange. NGX Suspends 8 Companies for Failure to File Reports
