July 16, 2019

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at 12.00 noon Tuesday is down -0.27 percent and driven by sell-offs in Banking Counters.

InvestmentOne update reports that market movers as the time of filing in this report are insurer, Law Union & Rock Insurance Plc and lender, Union Bank of Nigeria Plc both have lost -9.43 percent and -6.67 percent apiece, while Consolidated Insurance Plc and Red Star Express Plc have both gained +10.00 percent and +9.81 percent each.

In terms of sector performances, the report says the Banking sector is down -1.33 percent, while the Oil & Gas, Consumer Goods and Industrial are also on the negative territory.

According to InvestmentOne, market activity in Tuesday’s early trade, shows that while total volume declined by five (5) percent, total value rose by 11 percent respectively compared to this time on Monday as investors have exchanged over 69 million units of shares worth about N635 million.

FBN Holdings Plc with a loss of -2.56 percent is the most actively traded stock thus far with about 28 million units of shares accounting for about 41 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 Banking names persists,” the InvestmentOne update affirmed.