February 1, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market as at midday Friday has rallied +0.40 percent on buy interest in Banking and Consumer Goods counters.

InvestmentOne update reports that market movers as at the time of filing in this report are insurer, Royal Exchange Assurance Plc and soap and detergent producer, Unilever Nigeria Plc; both have gained +6.90 percent and +5.71 percent each, while Sunu Assurances Nigeria Plc (formerly Equity Assurance Plc) and transport and logistics firm, ABC Transport Plc are down -9.09 percent and -5.88 percent apiece.

In terms of sector performances, InvestmentOne reports that the Banking and Consumer Goods sectors have gained +1.29 percent and +0.43 percent respectively, while the Oil & Gas has depreciated -0.55 percent and the Industrial is also down.

In terms of market activity, the report says in Friday’s early trade, while total volume declined by 44 percent, total value increased by 7 percent compared to this time on Thursday as investors have exchanged about 62 million units of shares worth about N1.21 billion.

Top tier lender, Guaranty Trust Bank Plc with a gain of +0.75 percent is the most actively traded stock with 25 million units of shares accounting for about 40 percent of total volume.

“Likely close: In the absence of a significant loss in DANGCEM, the market may close up today if the buy interest in Banking and Consumer Goods sectors continues,” InvestmentOne affirmed.