May 31, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Friday is down -0.53 percent on sell-offs across sectors.

InvestmentOne reports that market movers are Salt refining company, NASCON Allied Industries Plc and beer producer, Champion Breweries Plc; both have lost -8.33 percent and -8.18 percent apiece, while on the positive side are insurer, Axa Mansard Plc and Courteville Business Solutions Plc; both have gained+10.00 percent and +4.35 percent each.

In terms of sector performances, the report says the Banking and Industrial sectors are down -1.55 percent and -1.09 percent respectively, while the Consumer Goods and Oil & Gas indices have dropped -0.47 percent and -0.28 percent respectively.

According to InvestmentOne, market activity in Friday’s early trade, shows that total volume and value jumped 190 percent and 121 percent respectively compared to this time on Thursday as investors have exchanged over 113 million units of shares worth about N1.67 billion.

Africa’s global lender, United Bank for Africa Plc with a loss of -5.30 percent is the most actively traded stock with about 39 million units of shares accounting for about 35 percent of total volume.

“Likely close: In the absence of a significant gain in DANGCEM, the market may close down today if the sell-offs across all sectors persist.” the report added.