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Nigerian Stock Exchange Watch: UBA’s Performance Leaves Analysts Dumbfounded as Market Rallies

By on March 1, 2012

The market rebounded today after four consecutive days of trading in the red; the All Share Index was up 0.35% to close at 20,193.40.

The banking sub-sector came out swinging as the bulls pummeled the bears (9 winners vs 2 losers). UBA continues to baffle analysts with a 73% performance in less than a month. The stock was up 4.80% to close at N 2.84.

Top tiers First Bank (+2.97%), Zenith Bank (+1.35%), and GTBank (+0.36%) also recorded price appreciation.

Other winners in the sub-sector were Access (+2.04%), Fidelity (+1.45%), and Diamond (+0.78%).

Across the breweries sub-sector, Guinness (-4.95%) took a big hit. International Breweries (+4.89%) was one of the market leaders in price appreciation, and Nigerian Breweries (+0.99%).

The Food and Beverage sub-sector saw an impressive outing for Dangote Sugar (+4.93%), Cadbury (+4.92%), Dangote Flour (+3.76%). Flour Mills was the only counter that shed points in trading today, it recorded a deflation of 4.99%.

Goldlink was up 4.69%, and Custodian also recorded an uptick of 2.53% across the Insurance sub-sector.

Today’s top leaders were:

Trailing the market today were the following five:

The activity charts were led by: