Weak investor sentiment and widespread profit-taking in the banking sector are weighing on the Nigerian equities market, with major banking stocks like Access Holdings, First Bank Holdings (First Holdco), GTCO, and Fidelity Bank recording negative price movements.
Trading opened on a bearish note Friday, as investors continued to cash in on recent gains following a strong rally earlier in the week. The shift in buying appetite has triggered sell-offs across both tier-1 banks and smaller lenders.
Stocks of Wema Bank, Sterling Bank, and Jaiz Bank Plc declined as investors reduced their exposure. Negative sentiment also extended beyond the banking sector, with International Breweries and United Capital Plc among the laggards during the intraday session.
The Nigerian Exchange (NGX) All-Share Index trended lower in midday trading, reflecting cautious investor behavior and portfolio rebalancing amid expectations of a near-term market correction.
Alpha Morgan Capital, in a midday market update, reported that the NGX All-Share Index posted a -0.08% decline, attributed mainly to sell-offs in mid- to large-cap stocks.
Key decliners as of midday included:
- Wema Bank (-1.88%)
- Sterling Bank (-1.74%)
- GTCO (-1.52%)
- Jaiz Bank (-1.23%)
- United Capital (UCAP) (-1.04%)
- International Breweries (INTBREW) (-1.02%)
- First Bank Holdings (FIRSTHOLDCO) (-0.98%)
- Access Holdings (ACCESSCORP) (-0.91%)
- Oando Plc (-0.83%)
- Fidelity Bank (-0.26%)
The downturn signals a broader investor retreat from risk, as traders anticipate heightened volatility and possible market corrections in the near term.
