Selloffs in BUA Cement, IntBrew Drive Intraday Loss on Nigerian Bourse
After stock market return fell below the inflation rate last week, the Nigerian bourse may close the first trading session in the new week negative again as midday report indicates selloffs on consumer goods sector companies.
In an email sent to investing clients, Alpha Morgan Capital said the equity market is currently trading downward.
Stockbrokers at the firm noted that sell-side pressures in BUA Cement, International Breweries, Sterling Bank, FBN Holdings, UBA, Fidelity and Access Bank Plc have lowered the equity market valuation.
BUA Cement has lost 9.96%, according to the midday trading report while INTBREW has shed 6.54%. Banking stocks are under sell pressures, giving up on last week’s gains following earnings releases. READ: Banks Shares, MTNN Drive Intraday Rally on NGX
In the midday report, stockbrokers note shows that STERLNBANK share dipped 5.81%, FBNH is down by 3.18%, UBA declined 2.78% followed by a 1.26% drop in FIDELITYBK share price, and 1.11% share price depreciation in ACCESSCORP.
Overall, the Nigerian Exchange (NGX) All Share Index (ASI) is down by 0.95%, Alpha Morgan Capital’s email to clients shows. # Selloffs in BUA Cement, IntBrew Drive Intraday Loss on Nigerian Bourse.