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Intraday Update: Nigerian Stocks Down -0.21% on Sell-Offs in Banking, Oil & Gas Counters

Posted by InvestAdvocate on

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July 12, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Thursday is down -0.21 percent; driven by selloffs in the Banking and Oil & Gas indices.

InvestmentOne Update says  current market movers on the domestic bourse are Sovereign Insurance Plc and McNichols Consolidated Plc both down -9.09 percent and -8.99 percent each, while Custodian Investment Plc and brewer, International Breweries Plc have gained +9.89 percent and +8.21 percent respectively.

In terms of sector performances, the Banking and Oil & Gas stocks has plunged -0.92 percent and -0.29 percent apiece. On the positive side is the NSE  Consumer Goods and Industrial indices both are up by +0.98 percent and +0.10 percent each.

InvestmentOne reports that market activity in Thursday’s early trade have seen total volume increased by 78 percent, while total value declined by 42 percent compared to this time on Wednesday, as investors have exchanged 69.4 million units of shares worth N539 million.
 
According to the report, Sovereign Insurance Plc  with a loss -9.09 percent is the most actively traded stock with 26.6 million units of shares accounting for about 38 percent of total volume.
 
“In the absence of a significant gain in DANGCEM, we may see the market print in red today if the selloff in the Banking and Oil & Gas sectors continues,” the update added.

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