Nigerian equity values are experiencing a downward trend during the intraday trading session, driven by subdued investor confidence. The Nigerian Exchange All-Share Index has decreased by 28 basis points, as profit-taking activities outweigh the appeal of growth and value stocks.
This development occurs despite prior expectations of substantial gains on the exchange, following Zenith Bank’s announcement of record-breaking earnings performance, bolstered by returns from treasury investments.
By midday, the NGX All-Share Index had declined by -0.28%, as indicated in an emailed advisory to investors from Alpha Morgan Capital Limited, signaling a more pronounced bearish trend than initially anticipated.
Stockbrokers attribute the midday downturn to selling pressures exerted by investors on certain mid to high-capitalized stocks, particularly those of major banking entities. NGX data revealed that early decliners included WEMABANK (-6.28%), FCMB (-4.10%), STERLINGNG (-3.64%), INTBREW (-3.46%), and ZENITHBANK (-2.76%).
Additional decliners encompassed JAIZBANK (-2.73%), UCAP (-2.36%), OANDO (-2.00%), ACCESSCORP (-1.56%), and FIDELITYBK (-1.31%), among others.
