GTCO, ACCESS, FBNH Drive Intraday Loss on Nigerian Exchange
Equities investors are currently selling their interest in Access Holdings, GTCO, Zenith, and other Tier 1 banking names in the stock market. The market closed negative last week, resulting in more than N103 billion in weekly losses on the Nigerian Exchange.
The market opened the day with depreciating indicators, there have been sell-downs in banking names, mostly the big banks. In its mid day report, Alpha Morgan Capital Limited told investors that the NGX All Share Index trended negatively, showing a loss of -0.15%.
Stockbrokers noticed negative price movements in some other stocks, apart from financial stocks. But the negative trend was attributed to selling pressure in some highly capitalized banking stocks.
ZENITHBANK has lost -2.23%, FBNH is down by -1.65%, and the market has priced down GTCO by -1.14%. UBA has lost -0.45%, ACCESSCORP -0.26%, and others. During the intraday session, the NGX Banking Index has lost -0.88% as at mid-day. Examining Effects of Workers’ Strike on Nigeria’s Economy
