MIDDAY UPDATE: Dangote Cement, Guinness Drags Market Indices Down -1.17%

October 9, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Wednesday is down -1.17 percent and dragged by Dangote Cement Plc and Guinness Nigeria Plc.

InvestmentOne reports says market movers on the negative side are brewer, Guinness Nigeria Plc and Nigeria’s most capitalised listed company, Dangote Cement Plc; both have lost -7.69 percent and -5.17 percent each, while on the positive side are Learn Africa Plc and Chams Plc; both have gained +9.80 percent and +8.33 percent each.

In terms of sector performances, InvestmentOne reports the Industrial and Consumer Goods sectors have depreciated -2.14 percent and -1.11 percent apiece, while the Oil & Gas and Banking sectors have inched up +0.10 percent and +0.08 percent respectively.

The update says that market activity in Wednesday’s early trade, shows that total volume and value rose by 671 percent and 244 percent compared to this time on Tuesday as investors have exchanged about 470 million units valued at N4.47 billion.

According to InvestmentOne, Custodian & Allied Plc is the most actively traded stock thus far with about 348 million units of shares accounting for about 74 percent of the total volume.

“Likely close: In the absence of a significant gain in DANGCEM and MTNN, the market may close down today if the losses in Industrial and Consumer sectors persist,” the InvestmentOne update added.

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