Banking Stocks, JBerger Trigger Midday Loss on NGX
Selloffs in Julius Berger and banking stocks including GTCO, Zenith, Wema, Access bank stocks have triggered a midday loss on the Nigerian Exchange, according to Alpha Morgan Capital Limited.
While the Nigerian Exchange (NGX) closed positive on Wednesday, performance indicators had plunged in the first two trading sessions this week. The red rain in the stock market might also halt the recent uptrend as equity investors trade exits.
The selling rallies that come after moderate gain have been rather offensive ahead of the first quarter of the 2022 earnings release.
In the midday report sent to clients, Alpha Morgan Capital said the equity market is currently trading on a bearish note.
Traders spot sell-side pressures in GTCO, Zenith, Access Bank, UCAP, Wema Bank and Julius Berger in particular.
GTCO Plc share price has lost 0.87%, ZENITH BANK sheds 0.88%, ACCESSCORP is down 1.00%, UCAP falls 1.99%, WEMABANK tumbles 6.16%, and JBERGER dips 9.43%.
Overall, the NGX All Share Index (ASI) is down by 0.06%. # Banking Stocks, JBerger Trigger Midday Loss on NGX
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