Due to sell pressure in banking names, the equities market is trading negatively during the Nigerian Exchange’s (NGX) intraday trading session.
Bank stock prices are being dumped by investors ahead of the announcement of second-quarter earnings. Strong capital raising is also desired by banks, and investors are choosing between trading on the open market and accepting rights offerings.
The valuation of stocks has decreased due to price volatility. The NGX All Share Index showed a declining trend at midday, according to Alpha Morgan Capital Limited.
According to stockbrokers, the sliding market index indicated a -0.05% loss. Sell-side pressure in a few high-cap banking stocks, such as FBNH -2.22%, UBA -1.74%, ZENITHBANK -0.93%, and GTCO -0.88%, is the reason for this unfavorable trend.
FBN Holdings Plc has become volatile with seesaw price movements. The elephant-branded financial services stocks lost 2.22% of their market value during the midday trading session.
UBA Plc has also lost 1.74% of its market value, according to data from the Nigerian Exchange, while Zenith Bank Plc dipped by 0.93%. GTCO Plc is already trading 0.88% below its opening price.
Currently, the NGX Banking Index had lost -0.71% as of mid-day.
