Sell Pressures on Tier-1 Banks Drag NGX Down

Sell Pressures on Tier-1 Banks Drag NGX Down

Sell pressures on banking stock caused the Nigerian Exchange (NGX) all share index to decline during early trading session on Tuesday

Equities investors reacted negatively to latest inflation data which saw a significant month on month decline by about 10% to 24.48%, from 34.80% in Dec. due to new computation. Stock holders rush to sell down interest in some companies that recently saw significant capital gain.

At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.17%, Alpha Morgan Capital Limietd told investors in a note. Stockbrokers said the bearish trend is due to the selling pressure of investors on some mid to high capitalized stocks.

Early decliners include ZENITHBANK (-2.14%), JAIZBANK –(1.73%), UBA (-1.43%), FBNH (-1.39%), ACCESSCORP –(0.71%, GTCO (-0.79%), FIDELITYBK (-0.77%), FCMB –(0.45%), among others. #Sell Pressures on Tier-1 Banks Drag NGX Down #CBN Opens FX Window for BDC to Stock up at NFEM Ra