Nigerian Stock Exchange Watch: In the Midst of a Bull Rally, ASI Approaches 22,000

The Nigerian Stock Exchange appreciated slightly today, gaining +0.1% to close at 21,779.33. Selling pressure dulled the markets momentum even as the year-to-date performance on the bourse stands at 5.06%.

Speculators cashed in on their previous gains causing the prices of some banking stocks to retreat.  Sterling (-5%), GTBank (-0.45%) and First Bank (-1.09%) were the primary victims of the turn in tides. Stanbic (-4.7%) was also down despite releasing healthy Q1 earnings.

Access (-0.5%) and Diamond (-0.79%) also fell marginally. On the flip side, however UBA (+4.98%), Union (+4.8%) and Fidelity (+4.67%) saw significant growth. Skye (+1.56%) and Zenith (+3.15%) also recorded impressive performance.  The gainers caused the Banking sub-index to advance by +0.4%.

Across the Food, Beverages and Tobacco sub-sector, Flour Mills (+5%), Nascon (+5%) and Cadbury (+4.96%) all recorded impressive performance. Dangote Sugar (-2.71%) and Dangote Flour (-5%) dragged the index down, however it closed up +0.3%.

The Oil and Gas and Insurance sub-indices closed -1.6% and -1.9%, trailing the market.

Also happening on the bourse today, the share prices of FCMB and Total Nigeria were today adjusted for benefits declaration.

Specifically, FCMB was adjusted for its scrip dividend of 3 for 30 while Total was adjusted for its cash dividend of N7.00 per share.

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