The Nigerian Exchange (NGX) experienced a downturn in early trading on Wednesday as investors returning from the Islamic holiday offloaded banking stocks, leading to a market-wide dip.
The All-Share Index and other key performance indicators retreated as equity investors initiated portfolio rebalancing following the release of audited financial statements by Tier-1 banks.
Market data showed that the NGX lost 9 basis points, with stockbrokers remaining optimistic about a potential rebound driven by bargain hunting in key market-moving stocks.
As of midday, the NGX All-Share Index had declined by 0.09%, according to an Alpha Morgan Capital Limited market update.
Analysts attributed the dip to selling pressure on mid- to high-cap stocks. Early decliners included STERLINGNG (-4.40%), FIRSTHOLDCO (-4.09%), OANDO (-2.79%), FCMB (-2.06%), and FIDELITYBK (-1.84%).
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