Selloffs in Banks Shares, IntBrew Trigger Mid-day Loss on NGX
Equities investors in the Nigerian Exchange (NGX) continue previous day selling rallies as banking stocks and International Breweries share price depreciation among others are driving intraday loss in the local bourse.
The Nigerian stock market shed N66 billion yesterday as bears held sway. In a mid-day note by Alpha Morgan Capital, stockbrokers told clients via an email that the market is currently tracking downward. The selloffs pattern has persisted following interest rate adjustment that saw spot rates jerking up.
The rising inflation rate remains a downside to investing in naira assets, according to investment banking analysts note for the first half but sentiments have been upbeat in the domestic bourse in 2022 – largely.
In the midday report, Alpha Capital Morgan said the equities market is trading downward, following price declines in Transcorp Plc, International Breweries shares, Sterling Bank, and Oando among others.
TRANSCORP shares have been priced down by 3.28%, INTBREW has lost 2.75%, STERLNBANK dipped 2.60%, FCMB dropped off 1.63%, and OANDO 0.39%. Overall, the NGX All Share Index (ASI) is slightly down by 0.01%. #Selloffs in Banks Shares, IntBrew Trigger Mid-day Loss on NGX
