NGX is Bleeding, Equities Investors Exiting Positions
The Nigerian Exchange, NGX, is bleeding during intraday trading session as equities investors opened trading session with negative sentiment. Trading activities started with sell pressure on financial stocks, with more investors offloading shares in International Breweries and Oando. Amidst directors dealing, United Capital Plc has shed weight. Fidelity Bank is tracking lower. Jaiz Bank posted lost amidst earnings forecast.
The reflected past trading record last week. The market closed negative ahead of inflation data, and open on Monday with bearish sentiment. Inflation data set will guide trading activities in the week, stockbrokers said, noting that investors are weighing options between risky stocks and fixed interest securities market.
At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.11%, Alpha Morgan Capital Limited said in an emailed note shared with investors. Stockbrokers said this bearish trend is due to the selling pressure of investors on some mid to high capitalized stocks.
Data from the Nigerian bourse revealed that INTBREW has lost -6.91%, OANDO is down by -3.75%, UCAP has fell by -2.44%. Other decliners include JAIZBANK -1.54%, FIDELITYBK -0.87%, among others. #NGX is Bleeding, Equities Investors Exiting Positions#
