Intraday Update: Nigerian Equities Market Up +0.47% on Gains in Banking, oil & Gas Counters

February 19, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market as at midday Tuesday is up +0.47 percent on gains reported in Banking and the Oil & Gas counters.

InvestmentOne update reports that market movers as at the time of filing in this report are Custodian Investment Plc and Japaul Oil & Maritime Plc; both are up +7.44 percent and +4.76 percent each, Wema Bank Plc and Unity Bank Plc are both down -9.68 percent and -9.65 percent apiece.

In terms of sector performances, InvestmentOne reports that the Banking and Oil & Gas sectors have appreciated +1.99 percent and +0.49 percent respectively, while the Consumer Goods sector is down -0.01 percent, the Industrial is also posting negative returns.

The update says market activity in Tuesday’s early trade, shows that while total volume increased by 42 percent, total value declined by 85 percent compared to this time on Monday as investors have exchanged about 161 million units of shares worth about N820 million.

Top tier conglomerate, Transnational Corporation of Nigeria Plc with a loss of -7.14 percent is the most actively traded stock with 85 million units of shares accounting for about 53 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 Banking and Oil & Gas sectors continue,” the InvestmentOne update affirmed.

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