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Nigerian Stock Market Watch: Market Up 0.14%, Banking Stocks offer Tremendous Upside

By on February 20, 2012

Although it was a close call, the bears won the tug of war in the banking sub-sector beating the bulls (6 losers to 5 gainers).

Banking stocks in the green today included UBA Plc (+4.76%) which continues to enjoy enhanced investor patronage as it recovers from very depressed prices, Sterling (+4.35%), Access (+2.96%), First Bank (+1.67%) and Stanbic (+0.71%).

Wema had the biggest price drop shedding 3.77%, also on the decline today were FCMB (-2.41%), Fidelity (-2.17%), Zenith (-0.24%), Skye (-1.9%) and GTBank (-1.20%).

The All Share Index was up +0.14% to close at 20,439.25.

Price gainers across the Consumer Goods sector included Nigeria Breweries (+1.33%), Dangote Flour (+4.95%), and Dangote Sugar (+0.56%).

Dangote Cement shed a marginal 0.18%, Ashaka (-1.87%) and CCNN (-1.27%) were also down.

The volume of shares (358 million) traded today decreased by 13% even as their value (N2.72 billion) rose 15%.

Top gainers today were:

 

Leading the losers charts were:

 

Activity levels were dominated by the banking sector with the exception of a block deal in Crusader: