Zenith, ACCESS Drive Midday Loss on Nigerian Exchange
Sell pressures on Zenith Bank and Access Holdings Plc, among others, dragged the Nigerian Exchange (NGX) lower during the intraday trading session on Tuesday. The bear opened the market with significant sell pressure that plunged the local bourse down by more than #400 billion yesterday.
The selloff also picked up today during early trading hours, led by ARADEL holdings and financial services stock amidst third quarter earnings release.
At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.52%, Alpha Morgan Capital Limited said in a note. Stockbrokers said this negative movement is due to the selling pressure of investors on some mid to high capitalized stocks.
After its price depreciation on Monday, UBA Plc has lost an additional 4.84% today, while FIDELITYBK is down by 2.43%. ARADEL has shed -2.35% of its market value, and ZENITHBANK is down by 2.26% already.
Selloffs in ACCESSCORP have reduced its market value by 2.21%, while TRANSCORP has given up 2.16% of its opening market value. #Zenith, ACCESS Drive Midday Loss on Nigerian Exchange CBN Defends Naira with $39m in Forex Market
