NGX Posts Intraday Loss as Guinness, Unilever Nigeria Fall
The Nigerian Exchange (NGX) all-share index (NGX) traded negative during early hours in the local bourse due to profit-taking activity. The market is bleeding, but trading direction has the potential to change course.
The trading trend reflects fluctuation in stock investors’ sentiment amidst expected market correction. Investors are currently taking profit in Guinness Nigeria, Unilever Plc, Transcorp, and banking names.
“The downtrend is light at the moment; anything can still happen before the final call for the day,” a stockbroker told MarketForces Africa in a phone call today.
Banking stocks are among the casualties of profit taking, and there is light bargain hunting in some random stocks. At midday, the Nigerian bourse All Share Index witnessed a bearish trend, Alpha Morgan Capital Limited told investors in an emailed note, reflecting a loss of -0.08%.
Stockbrokers said the intraday loss was mainly influenced by sell-offs in some mid- to high-capitalized stocks. Top intraday losers include GUINNESS (-7.28%), UNILEVER (-4.58%), AIICO (-2.03%), FCMB (-1.79%), TRANSCORP (-1.14%), and NASCON (-1.11%).
Other decliners include GTCO (-1.02%), ZENITHBANK (-0.85%), and NAHCO (-0.48%), among others. #NGX Posts Intraday Loss as Guinness, Unilever Nigeria Fall Nigerian Banks Ready to Exit Longstanding Forbearance
