MTN, Transcorp Hotels Trigger Intraday Loss in Stock Market
Equities investors exiting positions in MTN Nigeria, Transcorp Hotels, and banking stocks are currently dragging the Nigerian Exchange (NGX) All-Share Index lower, according to intraday trading data.
Trading details revealed that Transcorp Hotels has already lost its maximum allowable daily price limit of 10% due to sell pressures. The stock had blazed through a series of 52-week highs as investors anticipated better earnings in the second quarter of 2025.
Wema Bank’s share price was N3.55 above its rights offer, which is expected to close this week. But sell-side actor weak sentiment has caused a negative price movement that has pulled back the momentum on the Nigerian small lender.
Fidelity Bank is also tracking lower during the intraday trading session on Monday. The tier-2 lender has seen soft sell pressures, similar sentiment shared across the banking names.
At midday, the NGX All Share Index witnessed a downward trajectory, Alpha Morgan Capital Limited told investors in an emailed note, recording a decline of -0.15%. Stockbrokers said this bearish movement was mainly influenced by sell-offs in some mid- to high-capitalized stocks.
The early losers on the NGX include TRANSCOHOT (-10.00%), WEMABANK (-2.86%), FIDELITYBK (-2.16%), MTNN (-1.08%), ACCESSCORP (-0.43%), UBA (-0.29%), among others. # Transcorp Hotels, Wema Bank Trigger Intraday Loss on NGX IMF Cuts Global Economic Growth Forecast to 2.8%
