Nigerian Stock Exchange Watch: ASI Hovers Dangerously Above 20,000 Threshold

The market flip flopped between negative and positive territory today, finally closing to bearish sentiments at the end of the session. The All Share Index dropped 0.07% to close  at 20,123.51, dangerously close to the 20,000 threshold.

Profit taking activities on UBA almost stopped its outstanding price rally, however last minute exceptional deals helped to firm the price at N 2.71, a gain of 65% since February 14^th.

Profit takers caused the price of First Bank to drop by 3.75%, GTBank was also down marginally, falling by just over a percent.

Leading the banking sub-sector in price appreciation was Stanbic IBTC (+4.97%). Access also recorded brisk business, picking up 280 basis points.

Dangote Cement (-0.10%) was amongst other infrastructure sector stocks in decline today. Others included Ashaka (-4.95%), CCNN (-2.39%) and Julius Berger (-4.98%).

Flour Mills led the Food and Beverages sector in performance, the sstock appreciated by 5%. Dangote subsidiary, NASCON was a close second, picking up 444 basis points. Honeywell Flour was up almost two percent.

Oando was up almost the full five percent today, bringing its monthly performance to approximately 40%.

Exceptional deals on UBA caused the volume of shares traded today to rise by 6% while the value of stocks traded today was slightly below yesterdays level.

The market leaders today included:

Trailing the market today were:

Activity was headed by UBA as is becoming the norm, other activity leaders were: