Banking Stocks Drive Intraday Loss on Nigerian Exchange

The domestic equities market kicked off the week with a growth 0.17 per cent due to bargain hunting in Guinness Nigeria and 31 others.

Negative price movement in banking names has dragged the equities market capitalisation of the Nigerian Exchange (NGX) downward during the intraday trading session, Alpha Morgan Capital said in an update.

At the moment, the firm told investors via email that the NGX All Share Index is experiencing a bearish trajectory, registering a marginal loss of 0.01%.

Stockbrokers attribute that downtick to sell-side pressure witnessed in notable equities, such as OANDO, FCMB, FIDELITYBK, ZENITHBANK, ACCESSCORP, UBA, and other listed equities.

Oando Plc has lost 1.71% during the midday trading session, followed by a 1.45% price down in FCMB shares while Fidelity Bank has now lost 1.14%. In the tier-1 bank category, Zenith has lost 0.6% of its market value while the opening price of UBA has dropped by 0.24%.

Nigeria’s largest financial institution, Accesscorp Plc, has lost 0.29% of its market value. After a positive close to the week on Friday, a number of other listed companies’ shares are trading negative, according to Alpha Morgan Capital