Nigerian Stock Exchange Watch: Market Bubbles Back Up as Blue Chips Gain Big

The stock market bubbled back up in today’s trading, gaining 38 points as the All Share Index closed at 22656.76.

Market performance was driven by upticks in bluechips such as Dangote Cement, Zenith Bank, Mobil and Nigerian Breweries.

The Banking sub-index was up marginally, advancing by 0.02%. The bulls were restrained as most counters recorded price losses as profit takers went to town on the sub-sector.

Access (-2.14%), UBA (-4.96%), and First Bank (-1.03%) led the losers amongst the top-tier banks. FCMB (-4.55%), Skye (-4.53%), Union (-1.43%), and Fidelity (-1.48%) also shed weight.

On the flip side, counters in the green included GTBank (+1.68%), Zenith (+2.68%), Sterling (+4.84%) and Diamond (+3.74%).

The breweries sub-sector was led by International Breweries (+4.23%). Nigerian Breweries (+0.79%) also recorded marginal appreciation.

The Infrastructure sector was led by Lafarge (+4.99%) and Berger Paints (+4.96%). CCNN (+3.95%), CAP (+1.25%) and Dangote Cement (+0.47%) all closed in the green.

The Food, Beverages and Tobacco sub sector was led by Dangote Flour (+4.84%) and Dangote Sugar (+4.82%). Honeywell (+2.38%) also advanced further in positive territory.

The Insurance sub-index was up 1.96%, as Custodain (+4.55%), Continental Re (+3.95%) and GTAssur (+3.27) performed above par.

Eterna (-4.76%) and Oando (-3.31%) dragged the Oil and Gas sector down, however the performance of Mobil (+5%) caused the sub-index to close up by 54 basis points.

The volume and value of shares traded today depreciated by 46% and 31% respectively over yesterday’s levels.

 

Gainers’ Chart

Losers Chart

Activity Chart