August 24, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks as at midday Friday is up +1.31 percent and driven by gains in Industrial and Consumer Goods counters, InvestmentOne intraday market update reports.

According to the report, market movers are Skye Bank Plc and Japaul Oil & Maritime Services Plc both are up +9.62 percent and +8.33 percent respectively, while beer producer, Champions Breweries Plc and Diamond Bank Plc are both down -8.94 percent and -1.79 percent apiece.

In terms of sector performances, the Industrial and Consumer Goods indices are up +2.47 percent and +0.09 percent each; while the Banking and Oil & Gas indices are down -0.08 percent and -0.03 percent each.

The report says that market activity in Friday’s early trade shows that, while total volume increased by 19 percent, total value declined by 24 percent compared to this time on Thursday, as investors have exchanged 104 million units of shares worth N834 million.

Africa’s global lender, the United Bank for Africa Plc with a loss of -1.25 percent is the most actively traded stock with 51 million units of shares accounting for about 49 percent of total volume. 

“Likely close: In the absence of a significant retrace in DANGCEM, we may see the market close up today if the gains in the Industrial  and Consumer names continue,” the InvestmentOne report affirmed.