MIDDAY UPDATE: Nigerian Stocks down -0.03%, Driven by Losses in Banking, Industrial Counters

April 12, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Friday is down -0.03 percent on losses recorded in the Banking and Industrial Goods sectors, according to InvestmentOne update

The report says  market movers are Ikeja Hotels Plc and insurer, Nem Insurance Plc, both are down -9.73 percent and -8.64 percent each, while Regal Alliance Insurance Plc and pan African lender, Ecobank Transnational Incorporated have gained +8.70 percent and +1.42 percent apiece.

In terms of sector performances, the report said the Industrial and Banking sectors have lost -0.01 percent respectively, while the Consumer Goods is down +0.07 percent, the Oil & Gas is also on the losing side.

According to InvestmentOne, market activity in Friday’s early trade, shows that while total volume increased by 20 percent, total value declined by 38 percent compared to this time on Thursday as investors have exchanged about 67 million units of shares worth about N461 million.

Sovereign Insurance Plc is the most actively traded stock with 27 million units of shares accounting for about 40 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 the Banking and Industrial sectors persist,” the InvestmentOne update added.

 

   

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