March 19, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Monday is down -0.06 percent on sell-offs in the shares of Oil & Gas sector.

InvestmentOne update reports that market movers are Ikeja Hotels Plc and insurer, Mutual Benefit Assurance Plc; both have plunged -9.66 percent and -8.33 percent each, while AIICO Insurance Plc and Laboratory Services Company, Union Diagnostic & Clinical Services Plc have surged +8.45 percent and +7.14 percent apiece.

In terms of sector performances, the report says Oil & Gas is down -0.13 percent and the Consumer Goods has inched up +0.02 percent each, while the Industrial and Banking are also up.

According to the update, market activity in Monday’s early trade, shows that total volume and value rose by 20 percent and 13 percent respectively compared to this time last Friday as investors have exchanged about 72 million units of shares worth about N776 million.

Top tier lender, Access Bank Plc with a gain of +1.72 percent is the most actively traded stock with 19 million units of shares accounting for about 26 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 Oil & Gas sector continues,” the update added.