Investors See Intraday Loss as Banks, Oil Stocks Plunge
The equities segment of the Nigerian local bourse may be positioning for another huge loss as investors wealth has dipped already during the intraday session.
According to trading data, Fidelity, Wema and FBN Holdings and other banking names have seen negative price movements, dragging the Nigerian Exchange (NGX) lower during the intraday trading session on Thursday.
The market is heated up with sell side actors taking profits on stock that recently recorded price upsurge in the equities space.
At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.08%, Alpha Morgan Capital Limited said in a note. Stockbrokers said the downward trajectory was caused by sell pressure in some mid to high capitalized stocks.
Trading record from the Nigerian Exchange showed that FIDELITYBK has lost 3.36% while WEMABANK plunged by 2.47%. Ticker: OANDO is down by 1.57% during the intraday trading hours , UBA plunged by 0.56% while FBNH is down 0.20%. #Investors See Intraday Loss as Banks, Oil Stocks Plunge
