August 3, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market as at midday on Friday is down 0.11 percent and driven by selloffs in the Banking and Oil & Gas stocks.
InvestmentOne reports that market movers as at the review period are insurer, Mutual Benefit Assurance Plc and drugmaker, May & Baker Nigeria Plc; both are down -9.76 percent and -7.35 percent each, while Union Diagnostic & Clinical Services Plc and Pharmaceutical firm, Neimeth International Pharmaceuticals Plc both are up +10.00 percent and +9.09 percent respectively.
In terms of sector performances, the Banking and Oil & Gas sectors are down -1.01 percent and -0.35 percent apiece. On the positive side, the Consumer Goods and Industrial sectors are up by +0.69 percent and +0.06 percent each.
InvestmentOne reports that market activity in Friday’s early trade, while total volume declined by 32 percent, total value increased by 17 percent compared to this time on Thursday, as investors have exchanged 117 million units of shares worth N2.32 billion. Pan-African lender, United Bank for Africa Plc with a decline of -2.54 percent is the most actively traded stock with 22 million units of shares accounting for about 19 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 Banking and Oil & Gas sectors continues,” the report affirmed.
