NGX Index Slips Intraday as Investors Sell Banking Stocks
The value of all listed companies stocks on the Nigerian Exchange (NGX) fell during early trading hours on Wednesday as investors returning from the Islamic holiday began to offload their banking stocks.
Hence, the all-share index retreated, along with other key performance indicators, as equities investors kickstarted portfolio rebalancing days after Tier-1 banks released their individual audited financial statements.
Details from the stock market revealed that the local bourse has lost 9 basis points, and stockbrokers believe there is hope for a rebound with bargain hunting in any of the market movers.
At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.09%, Alpha Morgan Capital Limited told investors in an emailed note.
Stockbrokers attributed it to the selling pressure of investors on some mid- to high-capitalized stocks. Early decliners include STERLINGNG (-4.40%), FIRSTHOLDCO (-4.09%), OANDO (-2.79%), FCMB (-2.06%), FIDELITYBK (-1.84%), among others. #NGX Index Slips Intraday as Investors Sell Banking Stocks
