Just IN: Nigerian Bourse Down over Large Selloff in GTCO
The Nigerian Exchange (NGX) tracks lower midday on overdose selling in banking stocks: FBN Holdings, GTCO Plc and Fidelity Bank and other mid-cap stocks, according to Alpha Morgan Capital midday report.
Stockbrokers told clients that the equity market is currently trading downward following price declines dragging market indicators lower. Shares of GTCO have been descending over weaker than expected earnings performance.
The report says GTCO has lost 8.83%, NGXGROUP is down 4.38% FBNH is trading 2.38% lower. Also, TRANSCORP has declined by 0.94% by midday and FIDELITYBK’s share price was lower by 0.86%. READ: Nigerian Exchange Drops over Selloff in Banking Stocks
GTCO shares have become relatively cheaper while investment and earnings surge has helped FBNH’s position. Investors’ interest in Fidelity Bank is mixed amidst its acquisition moves and capital raising via private placement.
Overall, the Nigerian Exchange All Share Index (ASI) is lower by 0.26%, according to stockbrokers at Alpha Morgan Capital. # Nigerian Bourse Down over Large Selloff in GTCO
