NGX Index Dips Intraday over Selloffs in MTN, UBA
The equities market index is trading negative during the midday session on the Nigerian Exchange (NGX) platform due to sell pressure on banks and telecom company stocks. The Nigerian index declined yesterday due to weak sentiment despite earnings releases.
The banking index is, however, positive due to buying interest in Access, Zenith, and FBN Holdings. At midday, the NGX All Share Index trended downward, reflecting a loss of -0.07%, Alpha Morgan Capital Limited told investors.
Stockbrokers said the negative movement is due to the selling pressure of investors on some highly capitalized stocks. MTN Nigeria has lost 4.84% of its market value while UBA dipped by 2.19%, among others. #NGX Index Dips Intraday over Selloffs in MTN, UBA
