MIDDAY UPDATE: Nigerian Stocks Down -0.61% Dragged by Sell-Offs

June 11, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Tuesday is down -0.61 percent on sell-offs across sectors.

InvestmentOne reports that market movers as at this time are Nigeria’s leading identity management and transaction payments systems solution provider, Chams Plc and Japaul Oil & Maritime Plc; both have lost -8.57 percent and -7.41 percent apiece, while Africa’s global lender, United Bank for Africa Plc and United Capital Plc both have gained +0.79 percent and +0.45 percent respectively.

In terms of sector performances, the Industrial and Oil & Gas sectors are down -1.09 percent and -0.43 percent each, while the Consumer Goods and Banking sectors followed suit with -0.25 percent and -0.13 percent losses respectively.

InvestmentOne update reports that market activity in Tuesday’s early trade, shows that total volume and value increased by 114 percent and 35 percent respectively compared to this time on Monday as investors have exchanged over 120 million units of shares worth about N1.52 billion.

Insurer, Wapic Insurance Plc is the most actively traded stock with about 50 million units of shares accounting for about 42 percent of total volume.

Likely close: In the absence of a significant gain in DANGCEM, the market may close down today if the sell-offs across all sectors persist,” the InvestmentOne update affirmed.

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