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.”
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.