Selloffs in Banking Stocks Drive Midday Loss
Nigerian stocks are tracking lower as sell down persists due to declining interest amidst macroeconomic uncertainties. Midday trading data shows that investors are selling FBN Holdings, GTCO, Zenith and Sterling Bank stocks.
Equity investors have been exiting the local bourse in the last five trading sessions and profit-taking in financial stocks has persisted ahead of the first quarter earnings season in 2022.
Midday data shows that the Nigerian bourse is currently trading on a bearish note, Alpha Morgan Capital said in a note following price declines in banking and industries stocks. FCMB is however the highest hit in terms of price decline followed by FBNH.
Midday data shared with MarketForces Africa shows that GTCO has dropped off 0.19% from its opening share price, ZENITH BANK lost 0.19%, and STERLNGBANK down 0.66%.
Also, FIDELITYBK share price has dipped 0.94%, FBNH fell 1.25%, TRANSCORP depreciated 2.68%, and FCMB is losing big by 4.63%. Overall, the NGX All Share Index (ASI) is down by 0.03%. Selloffs in Banking Stocks Drive Midday Loss
READ: Nigerian Exchange Records Small Gain Despite Midday Rally
