Sell Pressures on FBNH, ACCESS, Zenith Drive Intraday Loss on NGX
The equities market is currently trading negative as investors began to take profit from banking names. The banking index was the sole loser on the Nigerian Exchange (NGX) last week as negative investor sentiment in some Tier-1 banks persisted.
Demand for some Tier-2 lenders also waned following Moody’s report that predicted merger and acquisition deals for Tier-2 lenders who are known names. At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.09% for Alpha Morgan Capital Limited.
Stockbrokers said this bearish trend is due to the selling pressure of investors on the tier-1 banking stocks. The early decliners in the equities market include FBNH, ACCESSCORP, ZENITHBANK, GTCO, and UBA, among others.
FBN Holdings PLUNGED BY 1.77% during the midday trading session, followed by 1.09% negative price movement in Access Holdings PLC. Zenith Bank Plc is down by 0.56% due to negative investors’ sentiment. GTCO has also lost 0.18% at noon, while UBA is also down by 0.15% Naira Plunges on Suboptimal FX Intervention
