Due to the negative mood during Thursday’s intraday trading session, the tier-2 lender and banking companies are under intense sell pressure in the equity market. According to stockbrokers, sell pressure has been applied to a number of companies, including FCMB, Fidelity Bank Plc, and Stanbic IBTC Holdings, which has caused the banking index to decline.
Investors were notified by Alpha Morgan Capital Limited in its noon report that the Nigerian Exchange (NGX) All Share Index showed a declining trend, indicating a -0.15% loss. Stock experts at Alpha Morgan Capital Limited claim that this decline is the result of investors’ sell-side sentiment toward a few mid-to-high-cap stocks.
Data from the local bourse showed that FIDELITYBK lost 9.72% during the intraday session. The market has also priced STANBIC downward by 8.77%, while FCMB has lost 0.63%.
During the intraday session, the TRANSCORP share price has declined by 0.47%, and there are other decliners. Selloffs in Fidelity, FCMB, and Stanbic IBTC have already dragged down the NGX Banking Index, which has lost -1.44% at mid-day.
