PZ Cussons, Cadbury Nigeria Plc among other early decliners are driving the Nigerian Exchange (NGX) all share index downward during early trading hours on Tuesday. Bargain hunting is fading as market anticipates the release of Tier-1 banks earnings scorecard for first half of 2025 to be released. Zenith Bank, GTCO, Access Holdings and UBA have sought regulatory extension for their respective audited results to be published. For three weeks, investors have been selling down their interest, and financial stocks – banks and insurance and other non-banks listed stocks have suffered pullback.
The NGX index and year to date returns have continued downward trend as investors await fresh catalysts that would fuel rally in September. But some stockbrokers told MarketForces Africa that most of the bellwether listed companies have been overbought, suggesting that they are relatively overvalued. At mid-day, the NGX All Share Index witnessed a bearish trend, Alpha Morgan capital Limited told investors in an emailed note, reflecting a loss of -0.11%.
Stockbrokers reported that this decline was mainly influenced by sell-offs in some mid to high capitalized stocks. Top intraday decliners include PZ -9.62%, CADBURY -8.33%, DANGSUGAR -5.17%, FCMB -3.67%, FIRSTHOLDCO -0.77%, NB -0.28%, ETI -0.28%, UCAP -0.26%, ACCESSCORP -0.19%, among others.
PZ Cussons, Cadbury drive Nigerian Stock Market intraday loss
