Selloffs in Tier-1 Banks Stocks Dragging NGX Down
The Nigerian Exchange (NGX) equities market capitalisation declined during the intraday trading session in the domestic market due to selloffs seen on banking stocks. The local exchange reported a more than N1.82 trillion decline in market capitalisation yesterday due to similar trading pattern.
Tier-1 banks’ stocks are trading negatively ahead of their earnings expectation. At present, the NGX All Share Index is exhibiting a negative trend, reflecting a decrease of 0.13%, Alpha Morgan Capital Limited said in its midday report shared with investors. This bearish run is a result of sell-side pressure on key equities such as FBNH, TRANSCORP -UBA, ZENITHBANK, GTCO, and other listed stocks.
FBNH has the highest intraday loss of 7.37% followed by UBA. According to trading data posted by Alpha Morgan Capital, UBA has lost 1.84% of its market value at the time of writing. FCMB has lost 50 kobo, trading at N8.30, from N8.80 : Court Orders FCMB to Deposit N540m Defamation Damage Awarded to Prophet Omale
Zenith Bank’s negative price movement drained its market valuation by 0.56% while GTCO is down by 0.26%. Transcorp Plc has also lost 6.52% following a negative swing in buying interest. #Selloffs in Tier-1 Banks Stocks Dragging NGX Down
