NGX Down Midday over Big Banks Stock Selloffs
The Nigerian Exchange (NGX) equities market capitalisation is trending downward during the intraday trading session as a raft of selling rallies hit banking stocks. The market has been on a decline since last week.
The local bourse shed N51 billion on Monday after it posted about N2 trillion weekly loss in the previous week. In its midday report, Alpha Morgan Capital Limited said the Nigerian Exchange All Share Index (ALSI) declined by 0.36% after the market closed negative on Monday.
This decline is primarily ascribed to selling pressure observed in major equities like FBNH, UBA ACCESSCORP, WAPCO, ZENITHBANK, GTCO, and other listed stocks.
FBNH is the largest loser during the day, followed by UBA and ACCESS Plc. Shareholders are also selling their interest in Lafarge WAPCO while Zenith and GTCO are also on the loser chart.
According to market data, FBNH is down by 7.5% already, and Access Bank plc has lost 2.6% trailing 3.36% intraday loss in UBA Plc. Zenith Bank has seen negative price movement that reduced its market valuation by 0.14% and GTCO is down by 0.13%. Also, Cement giant, Lafarge WAPCO is down by 1.11%. #NGX Down Midday over Big Banks Stock Selloffs
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