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Nigeria Stock Exchange Watch: Sterling Bank, Nestle Lead Market’s Marginal Recovery

By Afolabi Ogunde on April 13, 2012

The stock market picked up a single basis point today, appreciating by 0.01% as the All Share Index inched up to 20,743.16.

The biggest gainer today was Sterling bank (+5%), as the stock price consolidated on previous day gains and was boosted by stellar audited financial statements reporting a 60% growth in profit.

Across the banking sub-sector Union Bank (+4.96%), FCMB (+4.17%), GTBank (+0.14%), and Zenith bank (+0.70%) all recorded various level of price appreciation. However this was insufficient to stop First Bank’s (-1.62%) performance from dragging the rest of the sub-index down, as it closed -0.3%.

The Consumer goods sector gained 0.4% as Nestle Nigeria (+4.82%), and Dangote Flour (+1.54%) picked up in price appreciation. Dangote Sugar (-1.37%), and Guinness (-2.13%) closed in negative territory.

The Insurance sub-sector dipped 0.9% as only Intercontinental Wapic (+3.77%) closed in the green. Sustaining losses were Continental Reinsurance (-4.21%), GTAssure (-0.65%) and Prestige (-1.96%).

Over 365 million shares valued at N 2,18 billion were traded today.

Topping the market in price appreciation were: