Oando, Jaiz Plunge as NGX Sees Intraday Sell Pressure
It is raining red in the equities segment of the Nigerian Exchange, NGX, during early trading hours with strong price decline in Oando, Jaiz Bank Plc and others as investors await the release of inflation figure.
Unfortunately, the National Bureau of Statistics is in no hurry to release headline inflation figure for January which some analysts think will set new trading direction across financial markets.
After more than N1.83 trillion gain recorded last week, the Nigerian Exchange opened negative as investors began to take profits across key sectors. Hence, the All-share index declined amidst corporate earnings releases and optimism that top performers would declared financial dividend.
This expectations have boosted buying sentiment as witnessed last week. However, the market does not want to stay in dark about inflation rate, which the statistics office is in no hurry to release.
By mid-day, the NGX All Share Index had declined by 0.04%, Alpha Morgan Capital Limited said in an investors note on Monday, indicating a slight downturn. Stockbrokers said the negative price movement was largely driven by investors selling off shares in some mid-to-large cap companies.
Early decliners include: OANDO (-10.00%), JAIZBANK (-5.56%), UCAP (-1.53%), ZENITHBANK (-1.07%), STANBIC (-0.78%), FBNH (-0.77%), FIDELITYBK (-0.77%), STERLINGNG (-0.66%), UBA (-0.26%), among others. #Oando, Jaiz Plunge as NGX Sees Intraday Sell Pressure Edun Highlights Nigeria’s Leadership in Africa’s Energy Transition
