Stock Market Sheds 0.57% In Weekly Trading

The Stock Market failed to regain its footing this week, sliding, albeit marginally, three days in a row.

Demand for a few banks led to price appreciation of a few companies, although the supply side triumphed as there were more losers than winners in the sector.

All the top-tier institutions were down today with the exception of GTbank that recorded an appreciation of 178 basis points.

First bank, UBA and Zenith were down 71, 470, and 105 points respectively.

Ecobank, Skye, Sterling, and Unity also broke the trend recording gains of 4.76%. 3.13%, 1.65%, and 3.45% apiece, even as Access, Fidelity, FCMB, Stanbic and Wema shed some of their value.

The Brewers were relatively flat with Nigerian Breweries recording only a marginal increase of 2 points even as all other counter remained unchanged.

Cement manufacturers, Ashaka Cement and Wapco, were down 207 and 53 points each. Dangote cement traded flat and CCNN also recorded no gains even though the company released 3Q earnings showing over a 100% increase in net income today.

Bears dominated the Food and Beverages sector today as Cadbury shed the maximum 500 points and Honeywell Flour Mills shed 492 points.

The All Share Index was down 17 points today, and 57 points for the week bringing the Index to a close at 20,416.10.

Over 216 million shares valued at N 1.43 Billion exchanged hands amongst  investors today.