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Nigerian Stock Exchange Watch: Market Begins Week With Positive Outlook

By Afolabi Ogunde on March 12, 2012

The Bulls quickly took their positions as the week unfolded today. Strong performances recorded by some bluechip stocks pushed the market up by 0.67% to close at 21,091.36.

The banking sub-sector witnessed the resurgence of UBA (+4.92%) as the less panicky investors looking for value took their positions. Zenith Bank (+1.11%) was also up on the back of strong investor demand due to the bank’s stellar financial reports and a juicy dividend announcement.

Other winners in the sub-sector were Sterling (+3.67%), GTBank (+0.97%), Diamond (+0.78%), Access Bank (+0.59%), and Stanbic (0.67%).

On the flip side of the market were Union (-4.86%), Wema (-3.85%), FCMB (-2.89%), Fidelity (-0.68%), First Bank (-0.45%) and Skye (-0.24%).

Blazing the trail amongst the consumer goods sector were Guinness (+5%), Nestle (+5%), and Dangote Flour (+5%). The other Dangote subsidiaries, NASCON (+2.41) and Dangote Sugar (-5%) recorded a mixed performance.

Infrastructure stocks were largely bearish with the exception of Julius Berger (+4.97%), and Lafarge (+0.22%). Ashaka (-4.46%), CCNN (-4.91%) and Berger Paints (-5%) all shed points.

Continental Reinsurance (+4.55%) and NEM (+2%) led the Insurance sub-sector. Other stocks including Goldlink (-4.62%), GTAssure (-2.36%), and Custodian (-0.59%) were down in the day’s session.

Over 195 million shares valued at N 1.85 billion exchanged hands today.

Leading the price gainers’ chart were: