NGX Down Intraday over Selloffs in Oil, Banking Stocks
The Nigerian Exchange (NGX) All-Share index is tracking downward during intraday trading sessions as investors offload oil and banking stocks after an inflation surge.
Sell pressures, which were majorly driven by lower interest in banking stocks, have triggered intraday losses in the equities market. Investors are reacting negatively to the surge in headline inflation rate, which printed at 34.60% in November.
Sell-side actors also took early profit on Oando Energy Plc after unimpressive earnings performance at the end of the third quarter. Also, the market is playing around by offloading Transcorp shares.
At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.11%, Alpha Morgan Capital Limited told investors in a note.
Stockbrokers said the bearish trend is due to the sell pressures on some mid- to high-capitalised stocks. OANDO has lost -9.53% during the early trading session.
Data from the local bourse showed that WEMABANK has lost 1.69% due to negative sentiment, the same effects that plunged FIDELITYBK down by -0.97%.
Also, ACCESSCORP is down by 0.83%, TRANSCORP has lost 0.68%, ZENITHBANK dipped by 0.68%, and UCAP share price has plunged by -0.52% among other decliners. #NGX Down Intraday over Selloffs in Oil, Banking Stocks
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