Oando, BUA Cement Lead Intraday Losses on NGX
The Nigerian Exchange (NGX) faced a downward trend in the intraday session as sell pressures on key stocks, notably Oando Energy and BUA Cement, drove the All-Share Index lower by 0.55%. Among the impacted sectors, banking stocks like Access Holdings, Zenith Bank, and FBN Holdings also saw declines, as investors engaged in profit-taking amid mixed earnings performances.
BUA Cement, which recently reported unimpressive earnings, has been a focal point for sell-side activity. Trading data indicated BUA Cement dropped 9.82% in value, just shy of the maximum allowable daily movement of 10%. Oando Energy, which had shown positive price movement following its earnings report on the Nigerian and Johannesburg markets, saw a 3.23% dip, pulling back some of the recent rally gains.
Access Holdings was down 1.01%, FBN Holdings dropped by 0.18%, and Zenith Bank recorded a minor loss of 0.12%, indicating cautious sentiment among investors.
A midday note from Alpha Morgan confirmed the bearish trend, citing investor selloffs in high-capitalization stocks as a primary driver. Analysts expect this cautious trading approach may persist, with the market awaiting fresh economic indicators that could shift investor sentiment. FG to Clear Pension Backlog Starting Next Week, Edun Says
