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Nigeria Stock Exchange Watch: Market Halts Losses, Okomu (+10%) leads QTD Performance

By Afolabi Ogunde on April 3, 2012

Okomu Palm is up 10% this week, and is the best performing stock this quarter on the back of a further 5% uptick today after recording same in yesterday’s trading.

The market gained 0.96% as the All Share Index (ASI) settled at 20,849.95.

The banking sub-sector reversed on yesterday’s negative performance as 9 vs 2 participants recorded price appreciation. In the forefront were Zenith (+4.84%), Access (+4.81%), Sterling (+4.39%), Diamond (+4.20%) and GTBank (+4.28%).

Also First Bank (+3.36%), Stanbic (+1.49%), Skye (+1.04%), and Fidelity (+0.71%) climbed.

The consumer goods sector was predominantly negative as most participants closed in the red. Nigerian Breweries (-0.3%), Nascon (-4.91%), Dangote Flour (-4.09%), Cadbury (-5%) were just some of the stocks that succumbed to selling pressure.

Nestle, however, was up 460 basis points.

GTAssurance was up 472 points after reporting a profit of just under N 1 billion, in its audited 2011 financial statements.

Te Oil and Gas sector fell to the bears grip. Oando (-5%), Eterna (-4.35%), and Forte (-3.55%) sealed the fate of the sector down 1.27%.

The YTD performance of the Index is 0.58%.

Leading the market in Price Appreciation included: