The All-Share Index (ASI) of the Nigerian Exchange (NGX) recorded a downturn during the intraday trading session as market participants began offloading their holdings in banking and energy equities.
The majority of the selling activity was concentrated in the banking sector, particularly among Tier-1 institutions. Oando Plc also witnessed a major sell-off, with the oil and gas firm shedding approximately 10% of its market capitalization following a sharp adjustment in investor positions.
The current trend aligns with the bearish momentum observed in the previous week. The market opened in negative territory as investor confidence continued to erode, following a loss of over N109 billion in stock portfolio value across the market last week.
The bearish sentiment was evident across sector indices during early trading hours, with notable sell-offs across the board. Speaking to MarketForces Africa, several stockbrokers expressed concerns that the NGX may remain subdued throughout the week due to ongoing global economic uncertainties.
By midday, the NGX All-Share Index had declined by 0.36%, according to a market update from Alpha Morgan Capital Limited. Analysts attributed this downward trend to sustained selling pressure on mid- and large-cap stocks by investors seeking to reduce exposure.
Some of the major early decliners included OANDO, which dropped by 9.52%, and ACCESSCORP, which was down by 7.28%. Other stocks that saw losses were FCMB (-3.87%), TRANSCORP (-3.13%), JAIZBANK (-3.11%), UBA (-1.90%), ZENITHBANK (-1.67%), WEMABANK (-1.36%), FIDELITYBK (-1.25%), GTCO (-0.65%), and ARADEL (-0.60%), among others.
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