Oando, Sterling Plc Plunge Intraday over Selling Rally
Oando and Sterling Plc, among other decliners, dragged the Nigerian Exchange (NGX) backward during the intraday trading session. The sell pressures mounted in early trading hours on Friday with massive selldowns in Oando Plc., Sterling Bank, FCMB, and others.
This trading pattern reversed the previous day’s bargain hunting in the equities amidst corporate earnings releases. The buying attraction on Oando and FCMB Plc was noted to ease after their earnings release showed key metrics mirrored pressures.
At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.11%, Alpha Morgan Capital Limited said in an investor note. Stockbrokers attributed weak intraday market performance to sell pressures on some mid- to high-capitalised stocks.
With strong selldown, OANDO has lost 10.00%, the maximum allowable price movement for the day. STERLINGNG is down by 2.40%, while FCMB has lost 1.82%. Nigerian Breweries is facing sell pressure; the Ticker: NB is already down by 0.58%.
Trading details revealed that GTCO has retraced by 0.40%, ACCESSCORP lost 0.38%, ZENITHBANK declined by 0.30%, and FIDELITYBK fell by 0.26%, among others. #Oando, Sterling Plc Plunge Intraday over Selling Rally Edun Highlights Nigeria’s Leadership in Africa’s Energy TransitionThe post Oando, Sterling Plc Plunge Intraday over Selling Rally appeared first on MarketForces Africa.