Investors in the Equity market have been selling their shares in Tier 1 financial institutions.
They include Access Holding, GTCO, Zenith among others.
The sales of interest was as a result of the negative close of the market last week.
There was more than ₦103 billion weekly losses on the Nigeria Exchange. The market opened depressed and there have been sell-down in banking names, mostly the big banks.
Mid day report, Alpha Morgan Capital Limited told investors that the NGX All Share Index trended negatively, showing a loss of -0.15%.
ZENITHBANK has lost -2.23%, FBNH is down by -1.65%, and the market has priced down GTCO by -1.14%. UBA has lost -0.45%, ACCESSCORP -0.26%, and others. During the intraday session, the NGX Banking Index has lost -0.88% as at mid-day.
“Stockbrokers noticed negative price movements in some other stocks, apart from financial stocks. But the negative trend was attributed to selling pressure in some highly capitalized banking stocks.”
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