September 4, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) all-share index (ASI) as at midday Tuesday is up +0.23 percent and driven by buy interest in the Banking sector.

InvestmentOne reports that market movers are insurer, AIICO Insurance Plc and NPF Microfinance Bank Plc both are up +10.00 percent and +8.23 percent each, while Universal Insurance Plc and Guinea Insurance Plc are both down -10.00 percent and -8.57 percent apiece.

In terms of sector performance, the report says the Banking sector has gained +0.38 percent, while the Consumer Goods, Industrial and Oil & Gas counters have declined -0.01 percent respectively.

According to the report, market activity in today’s early trade, shows that total volume and total value jumped 315 percent and 569 percent respectively compared to this time on Monday, as investors have exchanged 112 million units of shares worth N1.15 billion.

Africa’s global lender, the United Bank for Africa Plc with a gain of +9.76 percent is the most actively traded stock with 45 million units of shares accounting for about 40 percent of total volume. 

“Likely close: In the absence of a significant loss in DANGCEM, we may see the market close up today if the buy-interest in Banking sector continues,” the InvestmentOne report affirmed.