NGX Index dips as investors exit positions in Oando, Access

The Nigerian Exchange (NGX) All-Share Index (ASI) dipped during the intraday trading session as equities investors began to pull out funds from the local bourse, targeting banking and energy stocks. Most of the sell pressures were seen in banking names, led by Tier-1 names, in addition to significant position adjustment in Oando Plc which has cost the energy stock about 10% of its market value. Reflecting the past week’s mood, the market opened in red as negative sentiment deepened after more than N109 billion reduction in investors stock portfolio value last week.
Reflecting weak sentiment, the market is seeing significant sell pressures across sectoral indexes during early trading hours. And stockbrokers who spoke with MarketForces Africa think the local bourse would likely stay depressed this week amidst global economic shift. At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.36%, Alpha Morgan Capital Limited told investors in an emailed note.  Stockbrokers said this bearish trend is due to the selling pressure of investors on some mid to high capitalized stocks. Among the early decliners are OANDO (-9.52%), ACCESSCORP (-7.28%), FCMB (-3.87%), TRANSCORP (-3.13%), JAIZBANK (-3.11%), UBA (-1.90%), ZENITHBANK (-1.67%), WEMABANK (-1.36%), FIDELITYBK (-1.25%), GTCO (-0.65%), ARADEL -0.60%, among others.