NGX Index Dips Intraday as Investors Sell Banking Stock
Banking stocks selloffs continue to drive down the Nigerian Exchange (NGX) All-share index (ASI), according to intraday trading data, the local bourse has declined by 14 basis points on Wednesday.
The local bourse is trading negative, reflecting investors’ weak sentiment. The NGX has been trending downward since three weeks after previous monster rallies which broke key indexes into new highs.
But the momentum is receding strongly in the absence of key market catalysts that could fuel a fresh rally in the stock market. Hence, some risk averse investors are rotating their portfolio into fixed interest securities asset as yields started to expand, reversing the previous trend.
Both equities and debt markets have switched positions while investors await the release of half year earnings results by Zenith Bank, GTCO, UBA and Access Holdings. At midday, the NGX All Share Index witnessed a bearish trend, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a loss of -0.14%.
Stockbrokers reported that the decline was mainly influenced by sell-offs in some mid to high capitalized stocks. NGX top losers during intraday session include INTBREW (-3.39%), OANDO (-3.09%), and STANBIC (-2.00%).
Others include GTCO (-1.58%), UBA (-1.50%), AIICO (-1.17%), ACCESSCORP (-1.16%), FIDELITYBK (-0.71%), ZENITHBANK (-0.69%), FIRSTHOLDCO (-0.31%), among others. Pension Assets: 8,408 RSA Holders Access N39.86bn for Mortgage Equity in Q1

