Nigerian Stock Exchange Watch: Market Begins Week With Positive Outlook
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: