Stanbic IBTC, Oando Drive Intraday Loss in Nigerian Market

Stanbic IBTC, Oando Drive Intraday Loss in Nigerian Market

Stanbic IBTC Holdings, Oando Plc, and a number of tier-1 banks are currently driving the Nigerian Exchange (NGX) all-share index downward during early trading session in the local bourse.

The market index has plunged sharply as investors begin to take profit on financial services stock as corporate earnings release slowdown. Sell pressure was also observed in energy stock as stockbrokers anticipate a negative close for the day.

Apart from NEM Insurance with lower marker value, Stanbic IBTC has seen highest intraday loss of 2%, followed by Oando as market continues to react to the completion of its first tranche of share distribution to shareholders

At midday, the NGX All Share Index witnessed a bearish trend, Alpha Morgan Limited said in an emailed note, reflecting a loss of -0.11%.

Stockbrokers said this decline was mainly influenced by sell-offs in some mid- to high-capitalized stocks. Top intraday decliners include NEM (-3.17%), STANBIC (-2.00%), OANDO (-1.28%), UCAP (-1.28%), and GTCO (-1.03%).

Other decliners include ZENITHBANK (-0.83%), FIDELITYBK (-0.24%), WEMABANK (-0.21%), and ACCESSCORP (-0.18%), among others. #Stanbic IBTC, Oando Drive Intraday Loss in Nigerian Market OVH Energy Deal: Group Files Suit Seeking N140bn Refund to FG