Oando, Transcorp Plunge over Sell-side Activities on NGX
The market value of Fidelity Bank, Transcorp Plc, Indigenous energy company’s shares, Oando are dragging the Nigerian Exchange lower during the intraday trading sessions.
Activities of sell-side traders have caused these stocks respective prices to decline with huge daily losses seen in Oando, CUTIX especially.
Banking index is also facing negative price movements from sell-side activities in the local bourse during the intraday trading sessions.
GTCO, Zenith Bank and UBA have scored another daily price depreciation amidst windfall tax pressures on banks with huge FX gains.
At mid-day, the NGX All share Index continued its bearish trend, reflecting a dip of -0.03%, Alpha Morgan Capital Limited said in an emailed note to investors.
Stockbrokers attributed the intraday loss to selling pressure in some mid to high capitalized stocks, including OANDO -9.95%, CUTIX -9.92%, TRANSCORP -1.79%, FIDELITYBK -1.46%, UBA -0.46%, ZENITHBANK -0.41%, GTCO -0.22%, among others.
Ticker: Oando Plc has lost 9.95% of its market value due to sustained sell down in the oil stock. The company was trailed by CUTIX with 9.92% price decline.
Transcorp Plc has lost 1.79%, followed by 1.46%. decline registered by Fidelity Bank. UBA has dropped by 0.46%, and Zenith Bank is down by 0.41%, while GTCO has lost 0.22% during midday session. # Oando, Transcorp Plunge over Sell-side Trading on NGX
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