Nigerian Stock Exchange Watch: Market Sheds Weight as Banks, Bluechips Record Price Dips

The All Share Index resumed the post-Easter season by retreating 0.73% on the back of a bearish banking sector, and losses across several blue chips including Dangote Cement (-0.43%), Nestle (-0.24%), and Flour Mills (-5%).

The banking sub-sector saw an equal amount of positive and negative performers (5 vs 5). Union Bank (+4.9%) continued its rally, and Sterling (+4.46%) also recorded significant price appreciation.

GTBank (+0.34%), Skye (+0.26%), and Stanbic (+0.88%) had similar performance patterns, recording marginal upticks.

Fidelity (-3.4%) led the decliners, followed by top tiers First Bank (-2.16%), Access (-0.79%) and Zenith (-0.61%). FCMB shed 46 basis points.

Dangote subsidiaries, Dangote Flour (-0.47%), and Dangote Sugar (-2.37%) traded downwards, even as Transcorp (-3.85%) recorded significant price depreciation.

The Insurance sub-sector (+1.31%) was predominantly bullish with 3 vs 1 counters recording price appreciation. Custodian (+0.67%), GTAssure (+4.83%), and Intercontinental Wapic (+1.85%) were the sector leaders. Prestige assurance (-3.64%) was the only decliner in the sub-index.

Leading the Price Appreciation chart were:

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Leading the Price Depreciation chart were:

The Activity Leaders Chart was clinched by: