Banking stocks drive intraday selloffs on NGX

Sell pressure in banking names is currently driving down the Nigerian Exchange (NGX) All-share index lower during the intraday trading sessions on Monday. Stockbrokers executed more sell orders as profit-taking activities continued from the same pattern witnessed last week. Most of the drivers of intraday loss on NGX were financial stocks, stockbrokers said in a phone call with MarketForces Africa.
It was noted that Oando Plc is also tracking downward, dragging the oil and gas index south. Stockbrokers said the market could still take a U-turn, saying the marginal drop in the All-Share index could reverse. At midday, the NGX All Share Index experienced a slight decline of -0.03%, according to Alpha Morgan Capital Limited. Stockbrokers attributed the sell-offs to investors negative in some mid- to high-capitalized stocks.
Early decliners include FCMB (-3.74%), UBA (-3.72%), ZENITHBANK (-3.70%), FIDELITYBK (-3.35%), OANDO (-2.56%), UCAP (-0.98%), and ACCESSCORP (-0.49%), among others.