The market may close lower as a result of significant selloffs in the stocks of GTCO, FBNH, UBA, and Zenith Bank. During the intraday trading session on the Nigerian Exchange, the banking index lost more than 2.3%.
Due to investors’ unfavorable opinions regarding ongoing rights concerns and public offerings, the equity market is trading unfavorably during the early trading session. The top major banks’ market values are currently declining as a result of unfavorable investor opinions following Wednesday’s robust increase.
Ahead of the release of the second quarter results report for fiscal year 2024, investors in stocks are trading cautiously and realigning their portfolios to maximize returns from equities with strong fundamentals and appropriate pricing.
In its market update, Alpha Morgan Capital Limited said that at mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.09%. Stockbrokers at the investment firm explained that the downward trajectory is attributed to selling pressure in some high-cap stocks.
These banking stocks that are currently trading negative include GTCO -5.49%, FBNH -3.16%, ZENITHBANK -3.00%, UBA -2.10%, and others.
GTCO has lost 5.49% of its market value during the early trading session in the equities market. Investors have sold down their interest in FBN Holdings, losing 3.16% of its market value. Zenith Bank’s market value has plummeted by 3%, while UBA has lost 2.10% of its opening price due to selloffs.
Due to weak perceptions of the banking heavyweights, the NGX Banking Index is currently losing -2.31%.
