February 14, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks as at midday Thursday is down -0.14 percent and driven by losses already recorded in the Banking and oil & Gas sectors.

InvestmentOne update reports that market movers as at the time of filing in this report are Dangote Flour Mills Plc and Union Bank of Nigeria Plc; both are down  -8.57 percent and -8.03 percent apiece; while Unity Bank Plc and soap and detergent maker, Unilever Nigeria Plc; both have appreciated +9.62 percent and +6.82 percent respectively.

In terms of sector performance, InvestmentOne reports that the Oil & Gas and Banking sectors have depreciated -0.75 percent and –0.65 percent apiece, while the Consumer Goods and Industrial are both up +0.45 percent and +0.07 percent each.

The report says that market activity in Thursday’s early trade, shows that total volume and value declined by 28 percent and 9 percent compared to this time on Wednesday as investors have exchanged about 96 million units of shares worth about N1.15 billion.

Tier one lender, Zenith Bank Plc with a loss of -0.60 percent is the most actively traded stock with 17 million units of shares accounting for about 17 percent of total volume.

“Likely close: In the absence of a significant gain in DANGCEM, the market may close down today if the losses in the Oil & Gas and Banking sectors continue,” the InvestmentOne update added.