Sell pressures on banking stock caused the Nigerian Exchange ,NGX, all share index to decline during early trading session yesterday
Equities investors reacted negatively to latest inflation data which saw a significant month on month decline by about 10% to 24.48%, from 34.80% in Dec. due to new computation. Stock holders rush to sell down interest in some companies that recently saw significant capital gain.
At mid-day, the NGX All Share Index trended negatively, reflecting a loss of -0.17%, Alpha Morgan Capital Limited told investors in a note. Stockbrokers said the bearish trend is due to the selling pressure of investors on some mid to high capitalized stocks.
Early decliners include ZENITHBANK ,-2.14%, JAIZBANK –,1.73%, UBA ,-1.43%, FBNH ,-1.39%, ACCESSCORP –,0.71%, GTCO ,-0.79%, FIDELITYBK ,-0.77%, FCMB –,0.45%, among others.
