The Nigerian Exchange is facing a midday downturn, primarily influenced by a sell-off in shares of Zenith Bank and Access Holdings, among other early decliners. Investors are taking profits on banking stocks, leading to a negative shift in the banking index for the day.
As of midday, the Nigerian Exchange All Share Index recorded a slight decline of -0.02%.
Industry experts attributed this decline to increased selling pressure from investors on various mid to high-cap stocks. Notable losses included UBA at -4.59%, OANDO at -3.09%, ACCESSCORP at -2.91%, UCAP at -1.91%, STERLINGNG at -1.00%, TRANSCORP at -0.44%, and ZENITHBANK at -0.13%.
By mid-day, the NGX Banking Index had also recorded a drop of 0.88%.
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