NGX Index Bumps Intraday as Dangote Sugar, United Capital Plunge
The Nigerian Exchange (NGX) All-Share Index (ASI) is tracking lower due to huge sell pressures in Dangote Sugar Refinery and investment banking stock, United Capital Plc as well as other early decliners in the equities market.
Also, investors are currently selling their interest in banking names in a belly up sentient that started since last week. The selloffs in Dangote Sugar Refinery Plc and United Capital Plc reduced their respective market value by 10%, which is maximum allowable price movement for the day.
The Nigerian Exchange, NGX, All share index has seen successive negative performance, and this week sell pressure has persisted.
Low appetite for banking stocks has triggered a new round of sell pressures in the local bourse, and the mark is heading south at the moment. Stockbrokers said it would only take strong bets on bellwether stocks to upturn the downward trend in the stock market.
At mid-day, the NGX All Share Index recorded a decline of -0.33%, indicating a bearish trend driven by selling pressure of investors on some mid to high capitalized.
DANGSUGAR (-10.00%), UCAP (-10.00%), JAIZBANK (-5.48%), GTCO (-5.06%), UBA (-1.11%), STERLINGNG (-0.94%), ZENITHBANK (-0.62%), FIDELITYBK (-0.58%), among others. #NGX Index Bumps Intraday as Dangote Sugar, United Capital Plunge
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