NGX Dips Intraday as Investors Dump Banking Stocks
The Nigerian stock market trading negatively during intraday trading session as investors began to exit position in banking stocks. The sell pressure has however remain tight as the Nigerian Exchange All-share index is only down by a basis point, according to trading data obtained.
Tier-1 banks were the casualty of investors seeking to take profits. At mid-day, the NGX All Share Index experienced a slight decline of -0.01%, Alpha Morgan Capital Limited told investors in an emailed note.
Stockbrokers said ina phone call with MarketForces Africa that banking index is more likely to close the week strong amidst expectation that delayed earnings release will start to come in. UBA has already delivered an impressive earnings performance, while the market await audited earnings release of GTCO, Zenith, FBN Holdings as well as dividend announcements.
Stockbrokers said attributed the downturn to sell-offs by investors, in some mid to high capitalized financial stocks. Early decliners in the equities market include ACCESSCORP (-1.78%), ZENITHBANK (-1.31%), FIRSTHOLDCO (-0.35%), and UCAP (-0.29%) among others. # NGX Dips Intraday as Investors Dump Banking Stocks Analysts See 37% Upside in MTN Nigeria on New Target Price
