Intraday Update: Nigerian Stocks Up +0.16% on Gains in Banking Counters

Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange

October 22, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian Stocks as at midday Monday is up +0.16 percent on gains recorded so far in the Banking counters.

InvestmentOne update reports that market movers are Zenith Bank Plc and Continental Reinsurance Plc; both are up +3.49 percent and +2.78 percent each, while on the flip side are Sovereign Insurance Plc and AIICO Insurance Plc; both are down -4.76 percent and -2.67 percent respectively.

According to the report, in terms of sector performances, the Banking index is up  by +0.51 percent, while the Consumer Good index is down -0.16 percent, the Industrial and Oil & Gas indices are also on the bearish side.

InvestmentOne says that market activity in Monday’s early trade, shows that total volume and total value increased by 200 percent and 504 percent respectively compared to this time last Friday as investors have exchanged 105 million units of shares worth about N1.45billion.

Lender, Diamond Bank Plc with a gain of +2.50 percent is the most actively traded stock with 43 million units of shares accounting for about 41 percent of total volume.

“Likely close: In the absence of a significant loss in DANGCEM, the market may close up today if the gain in the Banking sector continues,” the InvestmentOne update affirmed.


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