NGX Down Intraday over Sell-Side Pressure in Banking Stocks
Trading activities on the Nigerian Exchange (NGX) are trending negative due to profit-taking in banking names like FBNH, AccessCorp, Zenith Bank, and FCMB, according to Alpha Morgan Capital’s midday equity market report.
The selling rally is coming after large profit taking drown the exchange yesterday, signalling a slowdown in buying momentum amidst an expectation of the December rally.
In its midday note, Alpha Morgan Capital said currently, the NGX All Share Index reflects a negative stance, registering a loss of 0.32% as of noon.
The investment firm attributes the downturn to sell-side pressure observed in key equities, including FBNH, OANDO, BUACEMENT, FCMB, WAPCO, ACCESSCORP, ZENITHBANK, NB, and other listed securities.
FBN Holdings has retraced from climbing in the last two trading sessions, losing 10% maximum allowable movement in share price signalling some uncomfortable truth about the financial services market performance.
Access Bank recorded a moderate share decline of 0.25% followed by negative price movement in Zenith Bank which is currently down by 0.14% amidst questions on the bank’s key man risk.
FCMB is down moderately, losing 0.72% of its market valuation ahead of fourth quarter earnings releases. WAPCO also recorded a price drop of 0.50%, followed by Nigerian Breweries which is down by 0.13%.
One of the Nigerian Exchange market movers, BUA Cement Plc, has also lost 1.53% during the intraday trading session, dragging the Nigerian Exchange index downward by 0.32% on Friday. Nigeria Eurobond Slumps after CBN Resumes OMO Auction