Stock Market
Banking stocks face sell pressure, NGX down intraday
Sustaining negative sentiments in the equities market, the Nigerian Exchange (NGX) All-Share index is tracking lower midday as sell pattern showed investors appear to have lost interest in banking stocks.
During the intraday trading session, the equities market is still bleeding profusely after about a N345 billion decline posted on Tuesday.
The local bourse saw investors exiting positions across sectoral indexes amidst earnings releases.
Opening with weak sentiment, the local bourse has seen more investors selling Stockbrokers said the equities market is probably going to close negative as sell sentiments persist. At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.39%, Alpha Morgan Capital Limited said in a note.
Stockbrokers said the bearish trend is due to the selling pressure of investors on some mid- to high-capitalized stocks. Early decliners include WEMABANK (-8.33%), JAIZBANK (-7.71%), FIDELITYBK (-6.40%), FCMB (-6.00%), UBA (-4.20%), DANGSUGAR (-4.17%), ZENITHBANK (-2.19%), ACCESSCORP (-2.07%), GTCO (-1.69%), UCAP (-1.08%), OKOMUOIL (-0.37%), and others.
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