Intraday Update: Stocks Down -0.24%, Driven by Sell-Offs

July 16, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Tuesday is down -0.24 percent; driven by sell-offs across most sectors.

InvestmentOne reports that market movers in the review period are Hallmark Insurance Plc and Union Diagnostic & Clinical Services Plc both down -9.68 percent and -9.38 percent respectively. On the positive side, mid-tier lender, Wema Bank Plc and Mutual Benefit Assurance Plc both are up by +9.52 percent and +5.88 percent each.

In terms of sector performances, the Oil & Gas and Banking indices have both plunged -1.18 percent and -0.27 percent apiece, while the Consumer Goods and Industrial sectors are also down -0.18 percent respectively.

In terms of market activity on the domestic bourse, InvestmentOne reports that in Tuesday’s early trade, total volume and total value increased by 45 percent and 178 percent respectively compared to this time on Monday, as investors have exchanged 48 million units of shares worth N458 million.
Custodian Investment Plc with a loss of -0.18 percent is the most actively traded stock with 10 million units of shares accounting for about 21 percent of total volume.
“Likely close: In the absence of a significant gain in DANGCEM, we may see the market close down today if the selloff across most sectors continues,” the report affirmed.

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