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Nigerian Stock Exchange Watch: ASI Boosted by Dangote Cement’s Gain

By Afolabi Ogunde on March 13, 2012

The stock market appreciated further today based on gains from the market’s most capitalized equity, Dangote Cement.

The All Share Index advanced by 0.65% to close at 21,227.98.

The Banking sub-sector was predominantly bearish as selling pressure forced downwards the price of virtually all the banks with the exception of Sterling (+1.77%), Stanbic (+0.40%), and Diamond (1.17%).

Across the Consumer goods sector, the price of Guinness fell 494 basis points after the longest rally since 2010. The Food and Beverage sub-sector saw increases virtually across the entire board as Dangote Sugar (+3.88%), Nestle (+4.98%), and Cadbury (+3.18%) recorded gains.

The Insurance sub-sector was down as Continental Reinsurance (-1.09%), Goldlink (-4.84%), GTAssure (-3.23%), Intercontinental Wapic (-3.7%), NEM (-1.96%) were all down in the day’s session.

Julius Berger (+4.97%), and Berger Paints (+5%) led the infrastructure sector, whilst Portland Paints (-4.94%) suffered losses.

The volume of shares traded (217 million) were 12% higher than yesterday whilst the value (N 1.98 billion) was also up 7.98%.

Today’s price appreciation leaders were: