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Stock Market Watch: Hurrahs as the market climbs over 20,000 threshold

By on December 16, 2011

The Nigerian Stock Market closed the week on a very bullish note, in what is hopefully a sign of things to come for the hitherto battered market. The All Share Index inched up 1% or 100 basis points in trading today to close the week at 20,025.94.

Investor demand for Stanbic IBTC continues to soar as the ticker appreciated the maximum 5% in trading today, bringing its weekly performance to an outstanding 21.3%.

First bank recorded superior return in trading today, also bagging the maximum 5% allowed, other performers in the top-tier bank category were UBA (+4.89%), and GTBank (1.65%).

Access and Fidelity Bank bagged strong numbers, picking up 497 and 394 points respectively.

Laggards in the market today were Diamond (-4.59%), Wema (-3.57%) and Ecobank (-1.16%).

Insurance companies on the upbeat today were Intercontinental Wapic (+4%) and Continental reinsurance (+4.21%).

The breweries subsector of the consumer goods spacem recorded saw Guinness and Nigerian Breweries, juggernauts in their category picking up 500 and 102 points respectively. Champion Breweries was down in trading today, however the weights of the two leaders more than offset any losses recorded by the brewery.

The Food and Beverages sub-sector, led by Nestle (+5%), and 7Up (+3.7%) was unfortunately clinched by the bears as Cabury (-4.95%), Dangote Flour (-4.83%), Nascon (-3.85%), Honeywell (-4.71%) and Flour Mills (-0.79%) all fell at the end of day trading.

The Oil and Gas sector toed the same path of dismal performance as Conoil (-4.98%), Eterna (-4.86%) and Oando (-3.33%) were engaged to the bears.

Over 188 million shares valued at over N 1.5 billion were traded today.