Market Yet To Retrieve Its Swagger, ASI Drops 20 Points

The Stock Market posted its second consecutive drop after the long public holiday to mark Eid el Kabir.
The All Share Index shed a marginal 20 basis points bringing its tally this year to 20,450.44, a year to date performance of – 17.44%.

The bears came home to hibernate in the banking sector as more tickers recorded losses than gains. First Bank and UBA shed 190 and 67 points apiece whilst Zenith remained unchanged. Skye Bank recorded the biggest slump in the sector today losing 420 basis points, even as Stanbic and Sterling shed 337 and 320 points respectively.

Ecobank recorded the biggest gain today, raking in the maximum 500 points allowed. Fidelity gaine 2.91% and GTBank gained 21 basis points only. FCMB was up only 24 points.

Across the brewers, all counters remained unchanged with the exception of Premier Brewweries that shed 412 points today.

Across the cement manufacturers, things were generally quiet, although WAPCO was up 3.06%.

The conglomerates leaned towars the bears as Transcorp and Unilever lost 359 cumulative points, with the losses skewed largely towards Transcorp. UACN picked up 3 points only.

In the Food and Beverages sector, the only activity was from subsidiaries of the Dangote Group, Dangote Flour and NASCON lost 421 and 469 points respectively.

Companies that performed well in the Insurance industry today were Goldlink Insurance and GTAssurance picking up 377 and 493 points each. Goldlink reported a PAT of N 1.13 Billion in its 3Q filings on the Stock Exchange yesterday.

The market traded 480 million shares valued at N 2.12 Billion.