Intraday Update: Nigerian Stocks Heads Southward on Losses in Consumer, Banking Counters

November 9, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks as at midday Friday is down -0.05 percent and driven by losses already recorded in the Consumer and Banking counters.

Investmentone update says market movers are insurer, Nem Insurance Plc and Dangote Flour Mills Plc; both are down -8.46 percent and -3.23 percent each, while on the positive side, Lasaco Assurance Plc and Red Star Express Plc are up +7.14 percent and +5.88 percent respectively. 

In terms of sector performance, the Consumer Goods and Banking indices are down -0.06 percent and -0.04 percent apiece, while the Industrial and Oil & Gas sectors are also on the southward side.

According to the report, market activity in Friday’s early trade, shows that total volume and total value increased by 24 percent and 323 percent respectively compared to this time on Thursday as investors have exchanged 26 million units of shares worth about N596 million.

Top tier lender, Access Bank Plc with a loss of -0.64 percent is the most actively traded stock with 12 million units of shares accounting for about 46 percent of total volume.

Likely close: In the absence of a significant gain in DANGCEM, the market may close down today if the losses in Consumer and Banking names continue,” the InvestmentOne report affirmed.



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