NGX Index Drops Intraday as MTN, Banking Stocks Dip
MTN Nigeria, Wema Bank, and Ecobank are among the stocks driving the Nigerian Exchange (NGX) index lower during the intraday trading session on Friday in the local bourse.
MTN Nigeria is trending negative, just like some high-priced banking stocks, including Dangote Sugar Refinery Plc. Investors are currently taking profit on Oando, Jaiz Bank, FCMB, and Access Holdings amidst the first quarter of 2025 earnings release festival.
The Nigerian stocks have seen successive price declines as investor sentiment nosedived. The market has seen profit-taking activities gaining momentum, while stockbrokers continue to facilitate block trades that keep price movement on bellwethers in check.
Trading signals revealed sell pressure heated up in banking names and the consumer goods sector while the industrial index has been affected enough due to the latest selloffs in Dangote Cement Plc.
Stockbrokers said the local bourse is more likely to close negative today as trading activities continue to go south. At midday, the NGX All Share Index trended negatively, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a decline of -0.11%.
Stockbrokers explained that this downward movement was driven by sell-offs in some mid- to high-capitalized stocks. The decliners include WEMABANK (-6.74%), ETI (-6.25%), DANGSUGAR (-4.76%), and TRANSCORP (-2.49%).
ACCESSCORP (-2.22%), UCAP (-2.05%), INTBREW (-1.08%), OANDO (-0.83%), GTCO (-0.69%), JAIZBANK (-0.60%), FCMB (-0.54%), MTNN (-0.40%), UBA (-0.29%), among others. #NGX Index Drops Intraday as MTN, Banking Stocks Dip First Holdco Profit Plunges by 18% in Q1-2025
