Stanbic IBTC, FCMB Selloffs Drive Midday Loss on NGX

The equity market is burning with sell pressures on banking names, the tier-2 lender, due to weak sentiment during the intraday trading session on Thursday. The market has seen sell pressure on Stanbic IBTC Holdings, Fidelity Bank Plc, and FCMB, among others, dragging the banking index downward, stockbrokers said.

In its midday report, Alpha Morgan Capital Limited told investors that the Nigerian Exchange (NGX) All Share Index trended downward, reflecting a loss of -0.15%. According to stock analysts at Alpha Morgan Capital Limited, investors’ sell-side sentiments in certain mid-to high-cap stocks are to blame for this downward movement.

Data from the local bourse showed that FIDELITYBK has lost 9.72% during the intraday session. The market has also priced STANBIC downward by 8.77%, while FCMB has lost 0.63%.

During the intraday session, TRANSCORP share price has declined by 0.47%, and there are other decliners. Selloffs in Fidelity, FCMB, and Stanbic IBTC has already dragged down the NGX Banking Index, which has lost -1.44% at mid-day. #Stanbic IBTC, FCMB Selloffs Drive Midday Loss on NGX Leaked Documents on Fiscal Policy Proposals not Official – FG
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