Investors are Selling Zenith Bank, FBNH Shares –MarketNews
As sentiment shifted, stock investors on the local exchange are currently selling their shares in ACCESS, Transcorp, Zenith Bank, and FBN Holdings. Stockbrokers told MarketForces Africa that given the exchange’s recent southward closing, the market may be in the midst of a new correction.
Picking up from selloffs that reduced investors’ wealth last week, the stock market is currently bleeding during the intraday trading session; according to a midday report released by Alpha Morgan Capital Limited, a Lagos-based investment firm.
As of midday, stockbrokers reported that the NGX All Share Index was down 0.17%, continuing its downward trend. Selling pressure seen in mid-to high-cap stocks like TRANSCORP, ZENITHBANK, UBA, ACCESSCORP, TRANSPOWER, FBNH, and others is the reason for this decline.
At the time of writing, Zenith Bank’s share price had dropped by 2.38% due to sell-off, while Transcorp Plc had lost 6.15%. The price of Access Plc’s shares has dropped by 1.67%, UBA has lost 1.85%, and FBNH has also decreased by 0.39%.
Some stocks are also trading negative during the midday as investors react to interest rate hike expectations this week. # Investors are Selling Zenith Bank, FBNH Shares –MarketNews Naira Devaluation Deepens Economic Crisis in Nigeria
