Intraday Update: Nigerian Stocks Up +0.93%, Driven by Buy Interest in Banking Consumer Goods Counters

September 14, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks as at midday Friday is up +0.93 percent and driven by buy interest in the Banking and Consumer Goods counters.

InvestmentOne reports that market movers are Honeywell Flour Mils Plc and beer producer, Nigerian Breweries Plc; both are up +8.66 percent and +5.83 percent each, while conglomerate AG Leventis Nigeria Plc and mid tier lender, Skye Bank Plc are both down -9.09 percent and -8.96 percent respectively.

In terms of sector performance, the report says that the Banking and Consumer Goods sectors have gained +3.89 percent and +1.36 percent apiece.

According to the report, market activity in Friday’s early trade, shows that total volume and total value jumped by 70 percent and 16 percent respectively compared to this time on Thursday as investors have exchanged 107 million units of shares worth N2.12 billion.

Top tier lender, Guaranty Trust Bank Plc with a gain of +5.77 percent is the most actively traded stock with 41 million units of shares accounting for about 38 percent of total volume. 

“Likely close: In the absence of a significant loss in DANGCEM, we may see the market close up today if the buy interest in Banking and Consumer sectors continues.” the update added.

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