FCMB, OANDO Drive Intraday Loss in Equities Market
Investors in the equities market of the Nigerian Exchange (NGX) are selling their respective interest in some banking, oil stocks during early trading hours on Tuesday. Oando and FCMB are major decliners, though there are other stocks tracking downward.
The sell sentiment has pervade trading session with stock analysts now expecting the local bourse to close negative due to current trading pattern,
The market opened the week with expectation that lifted market capitalisation above N59 billion yesterday. However, it appears buying appetite has slowed with some sell side actors taking profit in fast and furious manner on stocks that recently recorded an upticks.
At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.15%, according to Alpha Morgan Capital Limited. Stockbrokers stated that this bearish trend is due to the selling pressure of investors on some mid to high capitalized stocks.
OANDO has lost additional weight, down by 9.78% during the intraday trading session on Tuesday. Tier-2 bank, FCMB has been priced down by 4.21% while NESTLE has lost 3.95% of its market value.
Early decliners include United Capital Plc, as the Ticker: UCAP plunged by 0.93% while FBNH has shed 0.73% of its market value. #FCMB, OANDO Drive Intraday Loss in Equities Market Bitcoin Hits $87,000, Crypto Market Cap Nears $3 Trillion
