Nigerian Stock Exchange Watch: Profit Takers Stunt Growth

The market declined in the second consecutive session today as profit-takers continued to reap from significant price appreciation recorded in the banking sector in January.

The All Share Index (ASI) closed down by -0.48% to settle at 20,693.84.

The banking sub-sector was down 1.59% as only two banks, Access (+2.63%) and Sterling (+1.22%) recorded appreciation. Diamond (-4.81%) sustained the highest losses bringing its year-to-date performance to +30%. Skye (-4.76%) was also down today’s session, and so were top-tiers First Bank (-2.62%), GTBank (-1.06%), Zenith (-1.85%) and UBA (-0.50%).

The consumer goods sector sustained considerable losses today as Dangote Flour (-4.92%), and Dangote Sugar (-0.21%) closed down. The Breweries sub-sector was entirely quiet. Nestle (+0.45%) recorded a marginal gain.

Intercontinental Wapic (+4%), Custodian (+2.42%), and AIICO (1.96%) led the Insurance sub-sector. On the flip side GT Assurance (-4.76%), Goldlink (-4.92%) and Continental Re (-1.52%) recorded losses.

Oando (+2.51%) was the only gainer in the Oil & Gas sector today, the company improved on yesterday’s gain with a significant uptick.

Across the market, top gainers today were:

Stocks that recorded the most losses in today’s session were:

The banking sector led the activity charts as this companies traded the most volume: