The Nigerian Exchange’s (NGX) equity market capitalization fell during the intraday trading session due to negative price movement in banking names, according to a report from Alpha Morgan Capital.
As of right now, the company has informed investors by email that the NGX All Share Index is showing signs of bearishness, with a tiny loss of 0.01%.
The decrease in value is attributed by stockbrokers to sell-side pressure that has been observed in a number of significant stocks, including OANDO, FCMB, FIDELITYBK, ZENITHBANK, ACCESSCORP, UBA, and other listed stocks.
Oando Plc has lost 1.71% during the midday trading session, followed by a 1.45% price down in FCMB shares while Fidelity Bank has now lost 1.14%. In the tier-1 bank category, Zenith has lost 0.6% of its market value while the opening price of UBA has dropped by 0.24%.
Nigeria’s largest financial institution, Accesscorp Plc, has lost 0.29% of its market value. After a positive close to the week on Friday, a number of other listed companies’ shares are trading negative, according to Alpha Morgan Capital.