February 7, 2019

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Thursday is up +0.43 percent and driven by gains in bellwether counters.

InvestmentOne update reports that market movers are oil marketing major, Forte Oil Plc and mid-tier lender, Unity Bank of Nigeria Plc; both have gained +10.00 percent and +9.76 percent apiece, while food processing and packaging company, McNichols Consolidated Plc  and book publishing firm Learn Africa Plc; both have declined -9.52 percent and -6.67 percent respectively.

In terms of sector performance, the report says the Banking, Oil & Gas and Industrial sectors are up +1.42 percent, +0.74 percent and +0.29 percent apiece, while the Consumer Goods sector is down -0.30 percent.

According to InvestmentOne update, market activity in Thursday’s early trade, shows that while total volume declined by 44 percent, total value increased by 25 percent compared to this time on Wednesday as investors have exchanged about 29 million units of shares worth about N669 million.

The report says top tier lender, Guaranty Trust Bank Plc, +2.88 percent is the most actively traded stock with 11 million units of shares accounting for about 38 percent of total volume.

“Likely close: In the absence of a significant loss in DANGCEM, the market may close up today if the gains across most sectors continue,” the Update affirmed.