Monday’s intraday trading session saw the Nigerian Exchange (NGX) trade down as investors continued their new selloffs against a number of companies, including Zenith Bank Plc, Oando, GTCO, and Dangote Sugar Refinery.
After a poor weekly performance the previous week, Alpha Morgan Capital Limited stated in its lunchtime briefing that the bears controlled the equity market during the trading session.
The NGX All Share Index fell by 0.27%, as stockbrokers reported. Selling pressure from investors in some mid- to high-cap stocks—such as DANGSUGAR -10.00%, ZENITHBANK -3.68%, OANDO -2.70%, TRANSCORP -1.79%, GTCO -1.07%, and others—is to blame for this loss.
Dangote Sugar Plc has already lost 10% which is maximum allowable movement per day. It will take a miracle to upturn this direction. Zenith Bank Plc is currently down by about 4% after the group announced a switch to holdco structure. Oando Plc is down by about 3% during the intraday session.
Transcorp Plc has lost about 2% while GTCO Plc is trading 1.07% behind its opening price.
