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Intraday Update: NSE Down-0.53% on Sell-Offs in Banking, Industrial Goods Counters

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June 19, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market as at midday Tuesday is down -0.53 percent on sell-offs in Banking and Industrial Goods counters, according to InvestmentOne report.

As at the time of filing in this report, market movers at the Nigerian Stock Exchange (NSE) on the negative side are insurer, Prestige Assurance Plc and oil marketer, Conoil Plc both down -9.38 percent and -6.25 percent each; while on the positive side is Japaul Oil & Maritime Services Plc and lender, Skye Bank Plc; both up +5.26 percent respectively.

In terms of sector performances, the Banking and Industrial Goods indices are down -2.30 percent and -0.25 percent apiece; while the Consumer Goods and Oil & Gas indices are up +0.55 percent each.

According to the report, in today’s early trade, total volume and total value increased by 153 percent and 331 percent respectively compared to this time last Thursday, as investors have exchanged 218 million units of shares worth N2.79 billion.
Pan African lender, United Bank for Africa Plc which is down by -3.64 percent is the most actively traded stock with 112 million units of shares accounting for about 51 percent of total volume.
“In the absence of a significant gain in DANGCEM, we may see the market close down today if the sell-off in the Banking and Industrial names continues,” the report added.

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