ACCORDING to stockbrokers at Alpha Morgan Capital, significant stock selloffs in BUA Foods, FBN Holdings, Lafarge WAPCO, and Fidelity Bank among other companies have led to yet another intraday loss on the Nigerian Exchange (NGX).
The stock market began to suffer at the beginning of the week .When equities investors suffered a staggering loss of N550 billion as the NGX opened down. Weak emotions and macroeconomic uncertainty in Nigeria, especially the recent 150 basis point increase in the benchmark interest rate, have put pressure on the local stock exchange.
The equities market is currently trading downward due to pressure from the sell-side, according to Alpha Morgan Capital stockbrokers’ mid-day equity report. At noon, FBNH has decreased by 2.78 percent while BUAFOODS has lost 10.00 percent. FIDELITYBK declines 1.49 percent and INTBREW’s stock price drops 2.65 percent.
Additionally, STERLNBANK fell by 0.64 percent, WAPCO pulled down 0.38 percent, and TRANSCORP lost 0.80 percent of its beginning value. And according to Stockbrokers’ report, the NGX All Share Index (ASI) is down overall by 0.40 percent.
