The Nigerian Exchange (NGX) is experiencing a downturn during intraday trading, as equities investors kick off the session with negative sentiment. Selling pressure has been particularly high on financial stocks, with International Breweries (INTBREW) and Oando seeing significant sell-offs. United Capital Plc (UCAP) has also declined amid directors’ dealings, while Fidelity Bank and Jaiz Bank have lost ground amid earnings forecasts.
This trend mirrors last week’s trading pattern when the market closed negative ahead of inflation data release. Stockbrokers anticipate that inflation figures will influence market movements throughout the week, as investors weigh their options between riskier equities and fixed-income securities.
At midday, the NGX All-Share Index was down -0.11%, according to a market update from Alpha Morgan Capital Limited. Analysts attribute the bearish sentiment to profit-taking and investor sell-offs in mid-to-high capitalized stocks.
Market data indicates that:
- International Breweries (INTBREW) has declined by -6.91%
- Oando (OANDO) is down by -3.75%
- United Capital Plc (UCAP) has dropped -2.44%
- Jaiz Bank (JAIZBANK) is down -1.54%
- Fidelity Bank (FIDELITYBK) has lost -0.87%
Analysts expect market sentiment to remain cautious, with further movements hinging on macroeconomic indicators and investor positioning.
 is experiencing a downturn during intraday trading, as equities investors kick off the session with negative...){kind=link}