February 26, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Tuesday is down -0.26 percent and driven by losses in the Banking and Oil & Gas counters, especially Union Bank of Nigeria Plc which has so far posted the highest loss of -8.28 percent.

InvestmentOne reports that market movers are Union Bank of Nigeria Plc and FBN Holdings Plc; both declined -8.28 percent and -3.61 percent apiece, while UAC Property Development Company Plc and Dangote Flour Mills Plc are both up +9.89 percent and +8.60 percent respectively.

In terms of sector performance, the update reports that the Banking and Oil & Gas sectors are down -0.80 percent and -0.36 percent each, the Consumer Goods index is up by +0.31 percent, the Industrial is also up.

InvestmentOne reports that market activity in Tuesday’s early trade, shows that while total volume increased by 170 percent, total value declined 73 percent compared to this time on Monday as investors have exchanged about 178 million units of shares worth about 990 million.

Sunu Assurances Nigeria Plc (formerly Equity Assurance Plc)  is the most actively traded stock with 50 million units of shares accounting for about 28 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 Banking and Oil & Gas names continue,” the InvestmentOne update said.