NGX Tracks Lower as FBNH, FCMB, ARADEL Fall

The equities segment of the Nigerian Exchange (NGX) trends negatively during intraday trading session due to sustained selloffs on banking names, and Aradel Holdings Plc.

The Nigerian stock index plunged over activities of sell side actors and declining buying sentiments triggered by portfolio rebalancing. The price depreciation has been attributed to investors move to adjust their books ahead of third quarter earnings season.

At mid-day, the NGX All Share Index trended negative registering loss of -0.61%, Alpha Morgan Capital Limited said in a note.

Stockbrokers stated that the downward movement is as a result of selling pressure of investors in some mid to high capitalized stocks.

ARADEL lost additional 9.99% of its market value in the equities market today. FIDELITYBK dipped by 2.90% while STERLINGNG has plunged by 1.20%.

Other early decliners include FCMB (-1.19%), FBNH (-0.76%) UCAP (-0.54%), GTCO (0.13%) among others. # NGX Tracks Lower as FBNH, FCMB, ARADEL Fall

Drama in Court as Whereabouts of Detained Binance Executive, Gambaryan, Unknown