January 4, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks as at midday Friday is down -0.53 percent and driven by sell-offs across most sectors.

InvestmentOne update reports that  market movers are manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc and UAC Property Development Company Plc; both depreciated -9.82 percent and -9.38 percent apiece, while insurer, Sovereign Trust Insurance Plc and Okomu Oil Company Plc; both appreciated +5.00 percent and +4.99 percent each.

In terms of sector performance, the InvestmentOne reports that the Banking and Oil & Gas sectors have declined -1.51 percent and -0.24 percent respectively, while the Consumer Goods index is down by -0.17 percent, on the positive side, the Industrial sector gained by +0.16 percent.

The report says that in Friday’s market activity, early trade, shows that total volume and value increased by 214 percent and 406 percent compared to this time on Thursday as investors have exchanged about 88 million units of shares worth about N790 million.

Embattled lender, Diamond Bank Plc with a loss of -8.00 percent is the most actively traded stock with 29 million units of shares accounting for about 33 percent of total volume.

“Likely close: In the absence of a significant gain in DANGCEM, the market may close down today if the sell-off across most sectors persists,” the InvestmentOne update affirmed.