Access, UBA, Zenith, FCMB Drive Stock Market Mid-day Loss
Equity investors holding Access, Zenith and United Bank for Africa Plc are dumping shares of these top Tier-1 lenders, according to a market report. There is also ongoing selling rallies on FCMB.
The equity market is currently trading on a bearish note following price declines in ZENITH BANK (-0.41%), UBA (-0.61%), UCAP (-1.02%), ACCESS (-1.10%), and FCMB (-7.87%), Alpha Morgan Capital note shows.
Overall, the Nigerian Exchange All Share Index is lower by 0.38% after a negative close on Thursday. A dark cloud appears to be gathering in the stock market despite a lower yield on the fixed income market.
Stockbrokers advised investors to however buy the dip and hope for a market resurgence in the short term as final year earnings seasons draw nears. #Banking Stocks Drive Mid-day Loss on Nigerian Exchange
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