Nigerian Stock Exchange: Market Declines by 0.4%, Diamond Bank up 34% YTD

The Nigerian Stock Exchange went into descent after the conclusion of the first trading day of the week. The All Share Index retreated by 0.41% to close at 20,792.75. The market was dragged down by the bearish performance of the Financial Services Sector as well as the Consumer Goods sector. Insurance sub-sector closed down by 1.69%. The Banking sub-sector and Consumer Goods sector were down by0.59% and 0.08% respectively.

Across the banking sub sector, there were only 4 gainers versus 7 trailers. Access (+3.26%), Diamond (+1.12) and Stanbic (+0.69%) were amongst the gainers in today’s trading. On the flip side, top tiers, First Bank (-1.81%) and GTBank (-3.75%) were down in the session. Other losers included Skye, Sterling and Fidelity.

Diamond bank continues to perform well and is up 34% already this year.

The breweries sub-sector was led by International Breweries (+3.76%) and a marginal uptick was recorded in the price of Nigerian Breweries (+0.09%).

Heavy losses were recorded in the Insurance sub-sector. Goldlink (-4.69%), Custodian (-4.62%), and Continental Reinsurance (-4.35%) were all on the decline today.

The top 5 stocks in today’s session were:

Top 5 stocks lagging in today’s session were:

The stocks with the most activity in today’s session were:

One Comment

1. 

   Anonymous

   February 8, 2012 at 6:31 am

   ·                                 NIGERIAN PLEASE STOP CORRUPTION AND MAKE THIS COUNTRY GOOD .Let it be known that Nigeria has always been seen as a country of hope for many, I am not sure if it is a country of destiny for all. It is only in Nigeria that Civil Servants comes millionaires, it is also a nation that promotes selection of candidates rather than election. By adopting this kind of anti social corrupt practices, people of dubious character eventually come into politics through the back door. If the nation can have the right people at the right place, at the right time, within the right environment with the right resources, the nation could be transformed from failed state to a state of destiny. Nigeria is seen as a church and generator economy, in this case, underdevelopment will not only spread, likewise stability will be impossible.The countries our leaders do oil business call us Fools .Imagine when a business analylist was speaking on emirate news that “Days of free oil is gone ,with the introduction of regulations countries becoming smarter and wiser”.The way out is to force those who stole Nigeria money to be call to order and put in place some preventive measures with heavy consequences for anybody that is guilty of any malpractices to defraud the nation.Once again, leadership without dynamism of anti-corrupt measures, will prevent nation building and it will be impossible to speak of peace and development. Good luck Nigeria.