Fidelity Bank, FCMB Drive Intraday Loss in Equities Market
Banking stocks, led by Fidelity Bank and FCMB, among other early decliners, are currently driving intraday loss in the Nigerian Exchange (NGX) trading platform on Thursday. The Nigerian Exchange All-Share Index is moving south at noon as investors are taking profits in some listed companies that recently saw price appreciation.
Price movement in Oando has reversed, and GTCO has lost 66 basis points of its market value a day after 30 million of the orange-branded financial services company was crossed between investors.
Fidelity Bank and FCMB Plc stock have gone south due to sell pressure, while Jaiz Bank’s market value has also been affected by weak sentiment on Islamic lender shares.
At midday, the NGX All Share Index experienced a slight decline of -0.09%, Alpha Morgan Capital Limited said in an emailed note to investors. Stockbrokers explained that this downturn is due to sell-offs by investors in some mid- to high-capitalized financial stocks.
Early losers on the NGX include FIDELITYBK, which has lost 3.33%, and Oando Plc has been priced down by -3.27%.
FCMB market value has slumped by 1.05% during the midday session, and JAIZBANK is down by -0.93% due to selloffs. Other decliners include GTCO (-0.66%), INTBREW (-0.53%), and UBA (-0.43%), among others. #Fidelity Bank, FCMB Drive Intraday Loss in Equities Market
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