Investors Sell Down Big Banks Shares despite Oversize Profits
The equities market sustained bleeding from sell pressures on financial stocks in the local bourse. Intraday trading report revealed that key performance indicators are moving negative again following more than N303 billion loss sustained on Monday.
In the last three trading sessions, the Nigerian stock has dropped by about N1 trillion, causing year to date to moderate. Sell pressures on banks stocks intensified after Tier-1 lenders respective oversize profits announcement.
In its midday report on Tuesday, Alpha Morgan Capital Limited told investors via email that stocks trended lower as the NGX All Share Index further dipped by 0.65%. Stockbrokers attributed the decline to sell-side pressure mid to high cap stocks, including ACCESSCORP -8.09%, UBA -8.00%, TRANSCORP -5.36%, ZENITHBANK -4.27%, GTCO -3.93%, WAPCO -1.49%, MTNN -0.88%, among others.
Data from the Nigerian bourse revealed that Access Plc has lost 8.09% of its market value during the midday, approaching maximum allowable daily loss of 10%. The pattern appeared to be the same for UBA, down by 8% while Transcorp Plc has lost 5.36% of its opening market value. Banks Face Risks over 24hrs FX Positions Sell Down
Zenith Bank has added 4.27% to loss it sustained on Monday, trailing by sell pressure which has reduced market size of GTCO by 3.93% during the intraday trading sessions.
MTN Nigeria Plc recorded less than 1% lost in its market valuation, according to the midday report. Also, trading negative is shares of Lafarge WAPCO –currently down by 1.49%
