Oando, BUA Cement Drive Intraday Loss on NGX
Sell pressures in Oando Energy and BUA Cement, including banking names like Access Holdings, Zenith Bank, and FBN Holdings, have plunged the Nigerian Exchange (NGX) index lower during the intraday trading session.
The selloff experience was basically on stocks, which saw positive price movement, though BUA cement has become a target for sell-side actors in the equities market to take profit amidst unimpressive earnings performance.
The market has continued to pullback previous rally carpet underneath Oando Energy after the indigenous oil company released earnings on the Nigerian Exchange and Johannesburg markets. Naira Rises against US Dollar Ahead of Sept. FX Auction
At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.55%, Alpha Morgan said in a note. Stockbrokers said this bearish trend is due to the selling pressure of investors on some highly capitalized stocks.
Trading data from the NGX showed that BUACEMENT has already lost 9.82%, out of the maximum allowable daily price movement of 10%.
OANDO is trading down by 3.23% during early trading hours, while ACCESSCORP has lost 1.01% of its market value. Also, the market is playing with FBNH; the ticker has lost -0.18% while ZENITHBANK is down 0.12%. # Access Bank, BUA Cement Drive Intraday Loss on NGX
