MIDDAY UPDATE: Nigerian Equities Market Dips -0.23% on Sell-Offs

June 18, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Tuesday is down -0.23 percent on sell-offs.

InvestmentOne update reports that market movers are ABC Transport Plc and brewer, International Breweries Plc; both have lost -10.00 percent and -9.97 percent apiece, while insurer, Nem Insurance Plc and Jaiz Bank Plc have gained +8.78 percent and +6.67 percent respectively.

In terms of sector performances, the report says the Consumer Goods and Oil & Gas sectors have lost -0.61 percent and -0.51 percent each, also the Banking sector is down -0.23 percent, but on the positive side, the Industrial has gained +0.41 percent.

According to the report, market activity in Tuesday’s early trade, shows that while total volume declined by 88 percent, total value rose by 219 percent compared to this time on Monday as investors have exchanged over 333 million units of shares worth about N6.53 billion.

Top tier lender, Zenith Bank Plc with a loss of -0.99 percent is the most actively traded stock thus far with about 305.5 million units of shares accounting for about 92 percent of total volume.

“Likely close: In the absence of significant gains in MTNN and DANGCEM, the market may close down today if the selloffs in most sectors persist,” the InvestmentOne report affirmed.

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