Tuesday’s intraday trading session on the Nigerian Exchange (NGX) saw significant sell pressures, with Zenith Bank and Access Holdings Plc leading a market dip that shaved off over #400 billion in market value.
This wave of selloffs continued into early Wednesday, hitting stocks like ARADEL Holdings and various financial services shares as third-quarter earnings were released.
The NGX All Share Index dropped -0.52% by mid-day, according to a report from Alpha Morgan Capital Limited, with analysts linking the decline to investors offloading shares in mid- and high-cap stocks. Notable losses included UBA Plc, which fell by an additional 4.84% after Monday’s downturn, followed by FIDELITYBK dropping 2.43%, ARADEL down by 2.35%, and ZENITHBANK losing 2.26%.
Access Holdings (ACCESSCORP) and TRANSCORP also faced heavy sell pressure, with both companies’ shares declining by 2.21% and 2.16%, respectively. Market observers suggest this trend reflects cautious investor sentiment as the Q3 financial reports signal mixed performance outcomes across sectors.
This downward trend could signal heightened volatility in the NGX as investors react to earnings and economic factors shaping Nigeria’s financial market landscape.
