In the stock market, investors are currently dumping their stakes in companies such as Access Holdings, GTCO, Zenith, and other Tier 1 banking brands. Last week’s market closure resulted in weekly losses on the Nigerian Exchange of more than N103 billion.
Depreciating signs led to a sell-off in banking stocks, primarily large banks, as the market began the day. Investors were informed by Alpha Morgan Capital Limited in its midday report that the NGX All Share Index had a negative trend and had lost -0.15%.
Aside from financial stocks, stockbrokers observed negative price fluctuations in other stocks. However, selling pressure in certain highly capitalized financial equities was blamed for the downward trend.
ZENITHBANK has lost -2.23%, FBNH is down by -1.65%, and the market has priced down GTCO by -1.14%. UBA has lost -0.45%, ACCESSCORP -0.26%, and others. During the intraday session, the NGX Banking Index has lost -0.88% as of mid-day.
