Early trading on Tuesday saw the Nigerian Exchange (NGX) All-Share Index decline, driven by sell-offs in stocks like PZ Cussons and Cadbury Nigeria Plc.
Bargain hunting has waned as investors await the H1 2025 earnings reports from Tier-1 banks, including Zenith Bank, GTCO, Access Holdings, and UBA, which have sought regulatory extensions for their audited results.
Over the past three weeks, investor sell-offs have impacted financial stocks, including banks, insurance, and other non-bank listed companies. The NGX index and year-to-date returns continue to trend downward, with investors awaiting new catalysts to spark a rally in September.
Stockbrokers at MarketForces Africa noted that many bellwether stocks appear overbought, suggesting potential overvaluation. Alpha Morgan Capital Limited reported a -0.11% decline in the NGX All-Share Index at midday, driven by sell-offs in mid- to high-cap stocks.
Top intraday decliners included PZ (-9.62%), CADBURY (-8.33%), DANGSUGAR (-5.17%), FCMB (-3.67%), FIRSTHOLDCO (-0.77%), NB (-0.28%), ETI (-0.28%), UCAP (-0.26%), and ACCESSCORP (-0.19%), among others.
