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Nigeria Stock Exchange Watch: Bearish Sentiments Linger as Market Spirals Downwards

By on February 9, 2012

Selling pressure contributed to ensuring the market continued its downward spiral for the third consecutive day in a row.

The Nigerian Stock Exchange shed 0.3% in today’s trading causing the All Share Index to settle at 20,631.38. The Year-to-Date performance of the bourse is -0.48%.

The Consumer Goods sector was the only sectorial indice to trend upwards, clinching a very marginal 0.01% based on slight movement in the prices of stock such as Guinness (+0.05%), Nigerian Breweries (+0.01%), and Nestle (1.05%). The bearish performers in that sector today included all three Dangote subsidiaries namely Dangote Flour (-4.96%), Dangote Sugar (-4.38%) and NASCON (-1.03%). Honeywell (-0.33%) was also on the decline.

The Banking sub-sector (-0.87%) witnessed the lingering of bearish sentiment, although the price of Diamond (+1.17%), Sterling (+2.41%), and Zenith (+0.66%) firmed up as investors were willing to purchase at their current price levels. Also recording gain today were Unity and Stanbic IBTC.

Stellar performances by Goldlink (+3.45%) and Intercontinental Wapic (+3.85%) was insufficient to stop the Insurance sub-sector (-1.69%) from going to the dumps today. Prestige (-4.76%), Custodian (-4.73%), and Aiico (-3.85%) were all down in today’s session. Other losers were GTAssurance and Continental Re.

The top 5 gainers in today’s session were:

 

The top trailing 5 stocks were:

Activity leaders were from Insurance and Banking today and the top 5 were: