The Nigerian stock market experienced a downturn as banking stocks faced significant selloffs during intraday trading. This resulted in a decline in the market value of several banking stocks, pushing them below their opening prices.
Investor sentiment remains shaky following the rebasing of the consumer price index and subsequent monetary policy rate hikes. The market closed negatively on Monday, losing ₦231 billion due to weak sectoral performance. By mid-day, the NGX All-Share Index had dropped by 0.15%, signaling a bearish trend, according to Alpha Morgan Capital Limited.
Stockbrokers attributed the market downturn to sustained selling pressure on mid- and high-cap stocks. Key losers included:
- STERLINGNG (-5.08%)
- JAIZBANK (-4.41%)
- UCAP (-2.97%)
- FIDELITYBK (-1.65%)
- WEMABANK (-1.64%)
- JBERGER (-1.33%)
- FBNH (-0.85%)
- ZENITHBANK (-0.62%)
- ACCESSCORP (-0.58%)
- FCMB (-0.47%)
- GTCO (-0.32%)
- UBA (-0.27%)
- WAPCO (-0.13%)
- ARADEL (-0.12%)
This selling pressure has contributed to the market’s recent downturn, keeping investor sentiment cautious.
