The Nigerian Exchange (NGX) is facing a decline in intraday trading as equities investors start the session with a bearish outlook. Financial stocks are under notable selling pressure, with International Breweries (INTBREW) and Oando experiencing significant sell-offs. United Capital Plc (UCAP) has also dipped following directors’ dealings, while Fidelity Bank and Jaiz Bank have weakened amid earnings projections.
The trading pattern from last week, when the market ended lower before the release of inflation data, is reflected in this trend. As investors consider their options between riskier stocks and fixed-income securities, stockbrokers predict that inflation data will impact market movements throughout the week.
At midday, the NGX All-Share Index was down -0.11%, according to a market update from Alpha Morgan Capital Limited. Analysts attribute the bearish sentiment to profit-taking and investor sell-offs in mid-to-high capitalized stocks.
Market data indicates that:
- International Breweries (INTBREW) has declined by -6.91%
- Oando (OANDO) is down by -3.75%
- United Capital Plc (UCAP) has dropped -2.44%
- Jaiz Bank (JAIZBANK) is down -1.54%
- Fidelity Bank (FIDELITYBK) has lost -0.87%
Analysts anticipate that market mood will continue to be cautious, with further changes depending on investor posture and macroeconomic indicators.
