The local stock exchange’s banking stocks saw sell pressure, which caused the equity market to hemorrhage. After Monday’s loss of almost N303 billion, an intraday trade report showed that key performance indicators are once again trending downward.
The N1 trillion decline in the Nigerian market over the previous three trading days has moderated the year thus far. Following the release of the corresponding oversized earnings by Tier-1 lenders, sell pressure on bank stocks increased.
Alpha Morgan Capital Limited sent investors an email at lunchtime on Tuesday, informing them that equities were trending lower and that the NGX All Share Index had dropped by 0.65%. The sell-side pressure on mid- to high-cap companies, such as ACCESSCORP -8.09%, UBA -8.00%, TRANSCORP -5.36%, ZENITHBANK -4.27%, GTCO -3.93%, WAPCO -1.49%, and MTNN -0.88%, was the reason given by stockbrokers for the loss.
Data from the Nigerian bourse revealed that Access Plc has lost 8.09% of its market value during the midday, approaching maximum allowable daily loss of 10%. The pattern appeared to be the same for UBA, down by 8% while Transcorp Plc has lost 5.36% of its opening market value. Banks Face Risks over 24hrs FX Positions Sell Down
Zenith Bank has added 4.27% to loss it sustained on Monday, trailing by sell pressure which has reduced market size of GTCO by 3.93% during the intraday trading sessions.
MTN Nigeria Plc recorded less than 1% lost in its market valuation, according to the midday report. Also, trading negative is shares of Lafarge WAPCO –currently down by 1.49%.
