Stock Market Watch: Market Sheds 12 Points in Daily Trading

The stock market succumbed to the bears today as it received a clobbering causing it to shed 12 points at the end of trading.

The banking sector recorded a few winners but there were exactly twice as many losers. Ecobank put on some weight, gaining 4.41%, Fidelity following the trend added 3.45% to its stock value. Other winners today were Wema (1.82%) and Access (1.02%).

All the top tier institutions were in the red, UBA bled, shedding 4.98% of its value, First Bank dropped a 103 points, Zenith and GTBank lost 75 and 7 points respectively.

Diamond, Sterling, Skye and FCMB lost 358 points, 190 points, 108 points and 113 points respectively.

Across the consumer goods segment, there was similar bearish sentiment, Dangote group’s flour and sugar subsidiaries took a hit, declining by 179 points and 200 points respectively.

Cadbury and Honeywell also closed down by 194 and 476 points apiece.

There were some marginal gains recorded in this space by Nigerian breweries and Flour Mills as they inched up 11 and 64 points apiece.

The Exchange’s behemoth Dangote Cement shed 353 hefty points, dragging the infrastructure sector and even the whole exchange downwards with it.

Lafarge gained 104 points and was the only winner in the sector.

The Oil and Gas sector’s momentary golden child, Forte Oil, witnessed more gains as it bagged close to 500 points, appreciating by 4.97%. The stock is up 62% in the last month.

The All Share Index closed at 20,070.63 as over 258 million shares valued at N 1.67 Billion traed today.