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Intraday Update: Stocks Decline -0.18% on Sell-Offs in Banking, Oil & Gas Sectors

Posted by InvestAdvocate on

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July 3, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) benchmark index as at midday Tuesday has declined by -0.18 percent and driven by sell-offs in the Banking and Oil & Gas indices.

InvestmentOne reports that current market movers include leasing firm, C & I Leasing Plc and beverage producer, Cadbury Nigeria Plc both are down by -7.93 percent and -5.38 percent respectively. On the positive side is insurer, Mutual Benefit Assurance Plc and tier two lender, Wema Bank Plc both has gained +8.82 percent and +2.74 percent each.

In terms of sector performances, InvestmentOne reports that the Oil & Gas  index down by -0.56 percent and the Banking, Consumer and Industrial Goods indices have all depreciated by 0.33 percent respectively.

According to the report, in Tuesday’s early trade, while total volume declined by 6 percent, total value increased by 45 percent compared to this time on Monday as investors have exchanged 30 million units of shares worth N253 million.
 
Nigeria’s top tier lender, Access Bank Plc is the most actively traded stock with 4 million units of shares accounting for about 13 percent of total volume.
 
“In the absence of a significant gain in DANGCEM, we may see the market print in red today if the sell-off in Oil & Gas and Banking sectors continues,” InvestmentOne report affirmed.

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