The Nigerian Exchange (NGX) witnessed a downward trend during Thursday’s intraday trading session, as investors offloaded shares in Aradel and Guaranty Trust Holding Company (GTCO), among others.
Amidst the ongoing third-quarter earnings season, early profit-taking pushed the NGX All Share Index (ASI) down by 0.28% at mid-day, according to a report by Alpha Morgan Capital Limited.
Stockbrokers attributed the market’s negative performance to selling pressure on mid- to high-capitalised stocks.
Aradel continued to suffer significant losses, shedding an additional 9.98% of its market value as shareholders sold off their holdings to enhance liquidity for further stock trades.
International Breweries (INTBREW) also faced a notable decline, with its share price dropping by 6.24%, while United Capital (UCAP) experienced a 1.64% loss. Nigerian Breweries, weighed down by underwhelming earnings performance, saw its stock price dip by 0.89%. Similarly, GTCO shares slipped by 0.10%.
Despite the selloff, some market players are positioning themselves for gains in the fixed-income space. Notably, Stanbic IBTC has expanded its securities lending services to include fixed-income assets, offering investors more diverse options in the evolving market environment.
As the trading session continues, market analysts anticipate further volatility as investors react to ongoing earnings reports and market trends.
