NGX Dips Intraday as Investors Dump Banking Stocks
The equities segment of the Nigerian Exchange (NGX) dips, according to Alpha Morgan Capital midday reports as investors maintain a selling mood, especially on banking stocks.
According to stockbrokers, the market temperature continues to weaken amidst yield repricing in the fixed income market. Some risk-averse retail and institutional investors have been moving funds into the fixed income market as yields turn juicy.
The intraday report shows that the equity market is currently trading downward, following price declines in Transcorp Plc, FCMB, and OANDO among others. READ: Banks Shares, MTNN Drive Intraday Rally on NGX
The trading result shows that TRANSCORP has lost 3.70% midday, trailed by FCMB Plc whose share price has declined by 3.03%.
OANDO share has declined by 2.78%, UBA fell 2.67% while FIDELITYBK dipped 1.76% and FBNH shed 0.49%. Overall, the NGX All Share Index (ASI) is down by 0.02%, Alpha Morgan Capital told clients via email. # NGX Dips Intraday as Investors Dump Banking Stocks
