Intraday Update: Nigerian Stocks Bullish on Banking, Consumer Goods Counters

January 10, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) as at midday Thursday is up +0.65 percent and driven by gains in Banking, Consumer Goods names.

 InvestmentOne update reports that market movers are UAC Property Development Company Plc  and Guaranty Trust Bank Plc; both are up +9.70 percent and +5.75 percent each, while on the flip-side are Linkage Assurance Plc and Access Bank Plc; both are down -9.72 percent and -3.64 percent respectively.

In terms of sector performances, InvestmentOne reports that the Banking and Consumer Goods sectors have appreciated +2.45 percent and +0.12 percent each, the Oil & Gas and Industrial sectors are also up.

The update says market activity in Thursday’s early trade, shows that total volume and value jumped 125 percent and 119 percent respectively compared to this time on Wednesday as investors have exchanged about 117 million units of shares worth about N1.32 billion.

FBN Holdings Plc with a gain of +1.42 percent is the most actively traded stock with 32 million units of shares accounting for about 27 percent of total volume.

Likely close: In the absence of a significant loss in DANGCEM, the market may close up today if the gains in the Banking and Consumer names persist,” the update added.

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