The equities market is currently trading negative due to selloffs in key stocks like Oando, Fidelity Bank and Transcorp Plc among other decliners.
This suggests that the local bourse would probably closed the day negative again after huge loss posted yesterday due to selling rallies.
In its midday notice, Alpha Morgan Capital Limited told investors that the Nigerian Exchange (NGX) All Share Index witnessed a negative trend, reflecting a loss of -0.16%.
Stockbrokers stated that this downward movement is due to selling bias of investors in some mid to high capitalized stocks. These decliners have surged in the past trading sessions.
The selloffs followed the need to take early profit as investors’ sentiment begun to wane against in the week, recording two straight downward trend this week already.
Data from the Nigerian bourse showed that OANDO Plc has lost 9.15% of its opening market valuation during the intraday trading session. Also, Fidelity Bank Plc has gave up 5.00%, while selloff has plunged TRANSCORP down by 4.57%. The market has also seen other stocks declining.
Overall, the NGX Banking Index has lost -0.88% at mid-day, according to stockbrokers, suggesting the market will end the day bearish except there is a strong bargain hunting.
Credit: Marketforces.com
