NGX Index Dips Intraday as Investors Sell ACCESS, SEPLAT
The Nigerian Exchange (NGX) is trading negative due to sell pressure in Seplat Energy and Access Bank Plc, among others. These two stocks are among the most capitalised companies facing sell action in the local bourse at the time of writing.
Access Holdings Plc has been driving volume in the equities market as investors take and exit their positions in portfolio rebalancing efforts.
The market boomed yesterday as oil stocks like Oando Energy and Aradel Holdings popped higher with additional gaining support from the banking index.
Already, the momentum has started dropping with a 23 basis point decline in the market index at noon. Investors moods have been altered again after the interest rate hike and expectation that yields in the fixed income market would be repriced.
At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.23%, Alpha Morgan Capital Limited told investors in a note. Stockbrokers said this bearish trend is due to the selling pressure of investors on some mid to high capitalized stock.
SEPLAT Energy has already lost -6.02% of its market value followed by UCAP, whose share price has dropped by 0.87%. Other decliners include STERLINGNG (-0.83%), FLOURMILL (-0.25%), ACCESSCORP (-0.22%,) and others.# NGX Index Dips Intraday as Investors Sell ACCESS, SEPLAT
