Due to selloffs in important stocks including Oando, Fidelity Bank, and Transcorp Plc, among others, the equity market is currently trading negatively.
This implies that, following a significant loss reported yesterday as a result of selling rallies, the local stock exchange will most likely conclude the day lower.
Alpha Morgan Capital Limited informed investors in its lunchtime notice that there was a negative trend and a -0.16% loss on the Nigerian Exchange (NGX) All Share Index.
Stockbrokers claimed that investors’ selling tendency in some mid-to high-cap stocks is the cause of this negative trend. In the last trading sessions, these decliners saw a sharp increase.
The selloffs followed the need to take early profit as investors’ sentiment begun to wane against in the week, recording two straight downward trend this week already.
Data from the Nigerian bourse showed that OANDO Plc has lost 9.15% of its opening market valuation during the intraday trading session. Also, Fidelity Bank Plc has gave up 5.00%, while selloff has plunged TRANSCORP down by 4.57%. The market has also seen other stocks declining.
Overall, the NGX Banking Index has lost -0.88% at mid-day, according to stockbrokers, suggesting the market will end the day bearish except there is strong bargain hunting.
