Stocks Down as NSE Resumes Trading after Eid-il-Kabir Holidays

August 23, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-Stocks as at midday Thursday are down -0.07 percent on the domestic bourse, driven by selloffs in Banking and Consumer Goods counters.

InvestmentOne report says market movers are beer producer, Champion Breweries Plc and tier one lender, Access Bank Plc; both down -9.78 percent and -526 percent each, while United Capital Plc and oil marketing major, Oando Plc both are up +5.67 percent and +5.26 percent each.

In terms of sector performances, the update reports that the Banking and Consumer Goods indices are both down -0.63 percent and -0.49 percent apiece; while the Oil & Gas and Industrial indices gained +0.25 percent respectively.

Market activity in Monday’s early trade, showed that total volume and total value jumped 93 percent and 79 percent respectively compared to this time on Monday, as investors have exchanged 87 million units of shares worth N1.10 billion.

Top tier lender, Zenith Bank Plc with a gain  of +0.46 percent is the most actively traded stock with 22 million units of shares accounting for about 25 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 sell-off in the Banking and Consumer names continues,” the InvestmentOne report affirmed.


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