That above is a snap shot of the top 5 banking stock as at midday trading today. Banking stocks are seeing red amidst major sell offs that began yesterday.
The blood bath seems to be across major banks as investors awaits results to be announced. The rumor mill has it that some banks may be about to announce poor results due to huge write off on bank loans. This purely a rumour until confirmed.
This could also be a reaction to major pull backs in the world markets as investors flee into safer investments preferring to stay on the sidelines to watch as things unfold.
The banking sector is a highly liquid one on thr exchange and easily gets impacted by market volatility. The current price levels is still a unique buying opportunity and I opine buying in tranches and for long term may be the way to go for now.
It is likely that prices will still go down so it’s probably better to buy ‘small small’ or exit if you have a short term outlook.
![[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies](https://nairametrics.com/wp-content/uploads/2017/05/nigerian-economy-today-1.jpg)
It looks so disappointing but on the other hand, its a blessing.
I think one needs to increase his stakes in the down markets, and wait for a rebound soon.