The Nigerian stock market traded lower during the intraday session as investors offloaded banking stocks to lock in profits. Despite the sell pressure, the Nigerian Exchange (NGX) All-Share Index remained relatively stable, edging down by just a basis point, according to trading data.
Tier-1 banks bore the brunt of the sell-off, with the NGX All-Share Index posting a marginal -0.01% decline by mid-day, Alpha Morgan Capital Limited stated in an emailed note.
Stockbrokers reported that while banking stocks faced pressure, the index could recover before the week’s close, especially as delayed earnings reports start rolling in. UBA has already posted strong earnings, while investors await audited financials and dividend announcements from GTCO, Zenith Bank, and FBN Holdings.
The downturn was largely driven by sell-offs in mid-to-large-cap financial stocks. Early decliners included Access Holdings (-1.78%), Zenith Bank (-1.31%), FBN Holdings (-0.35%), and United Capital (-0.29%).
