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Nigerian Stock Exchange Watch: Market Rallies as Bluechips Post Strong 2011 Earnings

By Afolabi Ogunde on April 17, 2012

The All Share Index gained 32 basis points on the back of investor demand in a strong 2011 earnings reporting season. The market closed at 20,788.83 as companies like First Bank (+4.97%) and Nigerian Breweries (+2.28%) recently released yearly and quarterly earnings reports.

First Bank led the banking sub-sector followed closely by Union Bank (+4.84%), FCMB (+2.58%) came in a close third. Also recording gains were Stanbic (+1.45%), Fidelity (+0.67%) and GTBank (+0.28%).

On the flip side, Skye (-4.87%), Sterling (-0.81%), Zenith (-0.69%) and Access (-0.17%) recorded price depreciation.

Across the Infrastructure space, CCNN (+4.99%) led the bullish performers, Berger Paints (+2.13%) was also in the green. Recording a loss was Ashaka Cement (-4.93%).

FMCG companies PZ (-4.19%), Dangote Sugar (-0.27%) and Unilever (-0.70%) recorded various levels of price depreciation.

On the flip side, Dangote Flour (+4.43%) and NASCON (+4.83%) recorded gains.

Forte Oil (-5%), Total (-5%), Conoil (-4.99%), MRS Oil (-4.98%) and Oando (-3.69%) all combined to drag down the performance of the Oil and Gas sector. Eterna Oil (+4.36) recorded the only positive price appreciation.

Leading the price gainers chart were: