Telecommunication company MTN Nigeria Plc and Tier-1 names like Zenith Bank and GTCO were among other decliners that plunged the Nigerian Exchange market capitalisation downward during the early trading session on Friday.
The market index experienced a sharp intraday decline due to profit-taking activities that have persisted amidst earnings releases and interim dividend announcements. Investor sentiment has weakened amidst Broadstreet discussion on the extent of the looming market correction after a monster rally that lasted for almost one month.
At midday, the NGX All Share Index witnessed a bearish trend, Alpha Morgan Capital Limited said in an emailed note, reflecting a loss of -0.44%. Stockbrokers said this decline was mainly influenced by sell-offs in some mid- to high-capitalized stocks, led by a lightweight insurance name with minimal influence on market direction.
On the losers charts are MANSARD (-8.21%), AIICO (-5.25%), STERLINGNG (-5.19%), MTNN (-3.26%), UCAP (-1.03%), FCMB (-0.90%), INTBREW (-0.77%), ZENITHBANK (-0.28%), and GTCO (-0.21%), among others.
