January 9, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) all-share index (ASI) as at midday Wednesday is down 0.19 percent, following sell-offs in Banking names.

InvestmentmentOne update reports that market movers as at this time are beer producer, Champion Breweries Plc and insurer, Nem Insurance Plc with a loss of -9.88 percent and -9.43 percent each, while soap and detergent maker, Unilever Nigeria Plc and United Capital Plc are both up +9.63 percent and +7.63 percent apiece.

In terms of sector performance, InvestmentOne reports that the Banking and Consumer Goods sectors have depreciated -1.59 percent and +0.71 percent each, while the Oil & Gas sector have appreciated +0.03 percent and the Industrial is also on the positive side.

The update says market activity in Wednesday’s early trade, shows that total volume and value increased by 225 percent and 25 percent respectively compared to this time on Tuesday as investors have exchanged about 52 million units of shares worth about N603 million.

Embattled lender, Diamond Bank Plc is the most actively traded stock with 8 million units of shares accounting for about 15 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 in the Banking sector persists,” the InvestmentOne update added.